Economy October 12, 2016 | 9:18 am

Buy car in DR

Brazil scandal halts major works in the Dominican Republic, AFP

Rio de Janeiro.- Brazil State-owned bank BNDESon Tuesday announced it will temporarily stop disbursing around US$4.7 billion tofinance projects abroad by companies linked to the Petrobras corruption scandal,AFP reports..

The measure includes Odebrecht and AndradeGutierrez, with extensive contracts in the Dominican Republic, including hydroelectricdams, bridges and roads.

Since May, the bank stopped disbursing around25 infrastructure projects abroad to contractors Odebrecht, OAS, QueirozGalvão, Camargo Correa and Andrade Gutierrez, BNDES said Tuesday in astatement.

The projects, totaling US$7.0 billion (US$2.3billion disbursed), are being developed in Argentina, Cuba, Venezuela,Guatemala, Honduras, Dominican Republic, Angola, Mozambique and Ghana, amongothers, the bank said.

The contractor form part part of the"cartel of companies" which allegedly colluded with politicians andformer Petrobras officials to embezzle more than US$2.0 billion from the stateoil company.

On Monday Brazil prosecutors charged formerpresident Luis Inacio Lula da Silva with influence peddling from 2011 to 2015,to provide BNDES loans to Odebrecht for contracts in Angola.

0 0 votes
Article Rating
Notify of

Inline Feedbacks
View all comments