💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Panama attorney general to seek Odebrecht's unpaid fines

Published 01/08/2021, 08:32 PM
Updated 01/08/2021, 08:35 PM
© Reuters.

By Elida Moreno

PANAMA CITY (Reuters) - The Panamanian attorney general's office will ask a judge to order Odebrecht to pay fines due in 2019 and 2020 after the corruption-ensnared Brazilian conglomerate failed to pay, prosecutor Anilu Batista said on Friday.

Panamanian authorities fined Odebrecht in 2017 for paying bribes in exchange for construction contracts in the Central American country.

The company owes more than $35.5 million, a judicial source at the attorney general's office said. Odebrecht did not immediately respond to a request for comment.

Odebrecht had made the payments for 2017 and 2018 as well as an advance of $1.1 million for 2019, the source said.

Panama's attorney general and the company, which has since filed for bankruptcy protection, negotiated in 2017 an agreement https://www.reuters.com/article/us-panama-odebrecht/odebrecht-agrees-to-pay-220-million-fine-aid-panama-probe-idUSKBN1AH57C that stipulates payments totalling $220 million spread out over 12 years.

Batista said at a virtual news conference on Friday the office will request a hearing before a judge to establish that Odebrecht has not paid the fees established and a 5% delinquency charge.

Panama has investigated infrastructure projects carried out in the last three governments. Tania Sterling, the country's anti-corruption prosecutor, said the investigation has concluded with the indictment of 101 people.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.