Brazil’s competition authority, CADE, has signed a Leniency Agreement with troubled construction company Camargo Correa. As part of the deal, Camargo Correa will reimburse close to $200 million dollars which were improperly obtained from State clients through illegal practices, including contract bid fraud, corruption and money laundering. /p>
In exchange for ending the probe it has been subjected to and dropping charges against it, Camargo Correa has also agreed to pay a $29.7 million fine, as well as committing itself to aiding in CADE”s investigations, offering information regarding the cartel’s inner workings, and putting a stop to all unlawful activities./p>
Camargo Correa’s case is part of a wider scandal that has already sent several company executives and politicians behind bars and dealt several blows to the administration of President Dilma Rousseff. Petrobras, the state oil company, estimates losses from the cartel’s actions at close to $2 billion dollars.
Full Story: Infobae
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