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

Mexico plans to enforce Odebrecht fines via seizure: official

Published 10/10/2018, 03:25 PM
Updated 10/10/2018, 03:30 PM
© Reuters. Buildings under construction are pictured next to a banner of Odebrecht SA at the Rio 2016 Olympic Games athletes village in Rio de Janeiro

MEXICO CITY (Reuters) - Mexico plans to enforce fines imposed on Odebrecht over corruption allegations by confiscating some $30 million owed by state oil company Pemex to the Brazilian firm, a top official at the public administration ministry said.

Christian Ramirez, coordinator-general of the public administration ministry (SFP), told Reuters on Tuesday that he expected Mexico's tax authority to seize the $30 million "in the coming months."

Brazilian construction firm Odebrecht [ODBES.UL] has spent the past few years at the center of one of the largest corruption scandals in Latin America, and has admitted paying bribes from Peru to Panama.

In Mexico, the SFP imposed fines worth some $56.8 million in total on two Odebrecht subsidiaries in April. Since the end of 2017, it has punished several Odebrecht businesses in Mexico, barring them from signing contracts with public bodies for up to four years.

Mexico's government did not detail the reasons for the fines, but officials said they related to probes into suspected corruption between Odebrecht and Pemex [PEMX.UL].

Ramirez on Tuesday said the Brazilian firm had "practically left" Mexico and that tax officials who recently visited an Odebrecht subsidiary only found "two computers and a desk."

Neither Odebrecht in Mexico nor in Brazil responded to requests for comment. In April, the company said it planned to fight the fines.

© Reuters. Buildings under construction are pictured next to a banner of Odebrecht SA at the Rio 2016 Olympic Games athletes village in Rio de Janeiro

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.