Odebrecht S. Odebrecht controls Braskemwhich by revenue is the fourth largest petrochemical company in the Americas and the seventeenth in the world. The name Odebrecht has become shorthand for an unprecedented regional bribery scandal. Odebrecht has also been central to the Operation Car Wash scandal. On 19 JuneBrazilian authorities arrested the former CEO, Marcelo Odebrechtin connection with their ongoing probe into bribes paid to the Brazilian oil giant, Petrobras. Norberto Odebrecht Construtora Ltda.
A, was founded in by Norberto Odebrecht. In the late s and early 80s, Odebrecht began to expand internationally and diversify its business. InOdebrecht established Braskem, a petrochemical company that went on to become Latin America's largest.
InOdebrecht Agroindustrial was established to produce ethanolsugar and energy.
In Februaryamidst the Peruvian presidential race, a report from the Brazilian Federal Police implicated Peruvian president Ollanta Humala as a recipient of bribes from Odebrecht in exchange for public works contracts. Humala rejected the accusation and has avoided any confrontation with the media on the matter. Lula, who left office indenied allegations of corruption.
The long-running inquiry known as Operation Car Washis probing accusations of corruption and money laundering at Petrobras. Dozens of executives and politicians have been arrested or are under investigation on suspicion of overcharging on contracts with Petrobras and kicking part of the money for bribes and electoral campaigns. Police said they had evidence that Lula, 70, received illicit benefits from the kickback scheme. Lula's institute said in a statement that "violence" against the former president was "arbitrary, illegal and unjustifiable", as he had been co-operating with the investigations.
Executives running Odebrecht's bribery division secretly bought a majority share of Meinl Bank and used it to transfer funds to politicians' offshore accounts.
The attorney-general of Panama has announced that 43 people suspected of involvement in the bribery scandal. Odebrecht is the largest government contractor in Panama, with contracts over million, including a subway line in Panama City.
On 5 Novemberthe Paradise Papersa set of confidential electronic documents relating to offshore investmentrevealed that Appleby managed 17 offshore companies for Odebrecht and at least one of them was used as a vehicle for the payment of bribes in Operation Car Wash.
Some of these offshore companies are publicly known to operate for Odebrecht in Africa and be involved in bribes. From Wikipedia, the free encyclopedia. This article is in list format, but may read better as prose. You can help by converting this articleif appropriate. Editing help is available. January Net income.In Salvador, Bahia, the young engineer, Norberto Odebrecht created a company that became the origin of the Odebrecht Group.
From its very founding, there was a simple idea that, even today, stands at the foundation of the Group's philosophy: to identify, integrate and develop young professionals with talent and a disposition for entrepreneurship.
He married Bertha Bichels, and they had 15 children. The Isaac Gondim e Odebrecht Ltd. With the start of the Second World War, construction materials coming from Europe became expensive and scarce, generating a crisis in the construction business. Norberto Odebrecht took on projects in Salvador and in rural Bahia and began to establish an exclusive name for quality and innovation.
Construction innovation, planning and productivity allowed for the conclusion of the Belo Horizonte Building in just seven months, when the average at that time was three years. Odebrecht builds its first hydroelectric power plant. The first project for Petrobras was completed: the finalization of the Catu-Candeias Oil Pipeline project, in Bahia, designed to transport oil extracted from the new Catu field at the Mataripe Refinery.
Construction of the Castro Alves Theater, in Salvador. The work was finished in 11 months and officially delivered to the State in July, Following a fire which destroyed the building, the theater was reinaugurated inalso built by Odebrecht. With the opening of its branch office in Recife, with the stimulus of Sudene, Odebrecht expanded its operations to the Northeast of Brazil.
The Odebrecht Foundation is created with aims of assisting Group Members. Today, its actions are promoted primarily in the Bahia Southern Lowlands and focused on assisting youth. The Group expands to the Southeast of Brazil. The Odebrecht S. The Odebrecht Group celebrates its 50th anniversary operating in 21 countries and with 34, Members. Through the acquisition of controlling interest in CPC and Salgema, which took place inalso during the National Program of Denationalization, Trikem was formed.
Norberto Odebrecht retires from business and concentrates his efforts as President of the Board of Trustees of the Odebrecht Foundation. Odebrecht Group History. Navigate through more than seven decades with the Group.
Decade of Expansion in Brazil's Northeast With the opening of its branch office in Recife, with the stimulus of Sudene, Odebrecht expanded its operations to the Northeast of Brazil. Petrobras main office building, Rio de Janeiro RJ.It has a seating capacity of 49,  making it the fifth-largest stadium used by teams in the top tier of the Brazilian League and the eleventh-largest in Brazil.
Under PT governments from tothe Odebrecht group's revenues jumped from 17 to billion. The mayor accepted the request 10 November  and a concession for 90 years was granted on 26 December for aCuts in equipment, furniture and construction costs reduced the cost.
Revenue will come from ticket sales and commercial properties in the arena, especially corporate conventions, fairs and events. The stadium was delivered to Corinthians on 15 April Modifications for hosting the World Cup were still underway until the club handed the arena to FIFA for the competition on 20 May The west side will have a large, tree-lined, pedestrian mall with a reflecting pool and new illumination.
There will be benches and large gardens; the media centre will be housed in one of them. Lighting was projected by the American firm T. The first event held in the arena was an Ivete Sangalo show for 3, celebrating the club's rd anniversary on 29 September More than players played at the event.Joice: Marcelo Odebrecht, a relação com o pai e o rombo da empresa
The first goal of the new stadium was scored by Rivellino shooting a penalty kick suffered by Palhinha. Rivellino shot at his own goal because all the players on the pitch insisted that the first goal at the Arena was his. The kick went past Ronaldo. The stadium hosted the opening ceremony followed by the opening match between Brazil and Croatia, three other group stage matches, a Round 16 match and a semi-final.
Because of the request of at least 65, seats for the World Cup opening match,  temporary seats were added to the stadium for the tournament, although the final usable capacity only reached 62, for the opening match. As the original screens were too large to be used with the temporary seating installed, temporary screens were rented specially for the World Cup.
Arena Corinthians was one of the venues of the Summer Olympics football tournament. Two matches were played at and hours on competition days. Paulo uses both the neighbourhood-based nickname and the official name.
The public circulates using 10 escalators, 15 lifts,  two ramps and 13 staircases. Interior design is designed by Gensler. The warm-up area has seating for 86 VIP ticket holders, and is separated by soundproof glass. There are 49, seats. Most seats are white. Business level and box seats are finished in black leather and made by Poltrona Frau. The roof has four layers.
On the underside is a layer of corrugated steel sheets.SAO PAULO — On the sixteenth floor of the headquarters of Odebrecht, the construction company at the center of one of the largest graft scandals in history, the executive charged with stamping out corruption insists the firm has changed its ways.
Meanwhile, at the reception area downstairs, a justice official delivers the latest subpoena from Brazilian investigators to question company employees. The contrasting currents sum up the situation for what used to be one of the most powerful businesses in Latin America as it works to move beyond an astonishing scandal that upended the political order in Brazil, brought down Peru's president and continues to have ripple effects in other nations. While the company has made considerable efforts to change its culture, questions remain about whether the firm can regain trust, particularly abroad, after years of funneling hundreds of millions of dollars into the pockets of politicians, elected officials, political parties and executives to win construction mega-projects in Brazil and across the region.
There is also the question of whether a company that built an empire in part by skirting the rules can now thrive while playing by them. Department of Justice called "the largest foreign bribery case in history.
At that point, Odebrecht had become engulfed in Brazil's Operation Carwash corruption investigation, making cooperation with authorities arguably its only option to avoid dissolution. In earlyformer CEO Marcelo Odebrecht, one of the country's richest and most powerful men, was sentenced to more than 19 years in prison. As part of the deal, Odebrecht agreed to independent monitoring teams from the U. More than a year into that process, Otavio Yazbek, the leader of the Brazilian monitoring group, says Odebrecht has gone from having no internal measures to fight corruption to a sophisticated compliance plan.
Odebrecht has also instituted anti-corruption training for all employees, ranging from interns all the way up to the new CEO, according to Pontes. The company allowed the AP to observe its online program.
Complex scenarios are presented in which employees have to think through what can constitute a bribe or influence peddling. Last year, a group called the Global Advisory Council was established to help support cultural changes within the company. The member group includes a former dean of Harvard's Business School, an-ex chairman of the board of Shell Group and the founder of the United Nations Global Compact, which focuses on corporate sustainability.
Several Odebrecht subsidiaries have changed their names amid the turmoil, and the overall holding has shrunk considerably: 60, employees today versusin Seventy-eight former and current Odebrecht employees have reached plea bargains with prosecutors and several investigations are ongoing.
Last month, while AP reporters visited the company's office, a subpoena was issued to interrogate other employees. The Odebrecht family is no longer in charge of day-to-day operations, but former CEO Emilio Odebrecht, the father of Marcelo, is chairman of the board, though he is expected to step down once a new board is voted on.
Both Emilio and Marcelo, who has since been released to house arrest, are large shareholders. Odebrecht declined to divulge what percentage the family continues to own. Kathleen Hamann, the former head of anti-corruption initiatives at the U.
Department of State, says the leaders of troubled companies can be drivers of change because they understand the damage that has been caused, but even in such cases there are lingering image issues. The question becomes: Will they realize that and step aside, or will they hang on and let the company suffer?This April 19, photo shows a computer screen streaming a video of Emilio Odebrecht, right, during his plea bargain deposition, in Rio de Janeiro, Brazil. Often grinning on camera, Odebrecht, former CEO of the Brazilian constructor at the center of the world's biggest corruption scandal, spoke frankly about the hundreds of millions in bribes and illegal financing that his company put into pockets and campaign coffers.
Founded inOdebrecht's relationship with politicians dates back to the s, when the board of state-run oil giant Petrobras was made of military staff from the state of Bahia, where the constructor held its headquarters for decades.
SAO PAULO — Grinning in front of the camera, the former CEO of the huge Brazilian builder at the center of the world's biggest corruption scandal spoke frankly about the billions in bribes and illegal financing that the Odebrecht company put into the pockets and campaign coffers of politicians and public officials. While shocking in their bluntness, Odebrecht's words were no surprise to many Brazilians. Long before the mammoth "Car Wash" investigation into corruption at the state-run oil company began implicating hundreds of public officials in Brazil and several other Latin American countries, Odebrecht's way of operating was what Brazilians call a "jumping jacks secret" — something widely known.
Until now, investigations of the construction giant had always ended with a few low-level politicians and company executives being slapped on the wrist and the company returning to business as usual.
The company has apologized several times since the current probe began, but declined to comment for this story. Founded inOdebrecht began its cozy relationship with politicians in the s, when the board of state-run oil company Petrobras was comprised of military personnel from Bahia state, where Odebrecht had its headquarters for decades.
Campos said that during Brazil's military rule inthe company focused lobbying efforts on executives and government agencies. Much money was spent to gain government favor, and the practice was considered a good investment. Democracy returned inand Odebrecht added political parties and many individual lawmakers to its payroll.
At the time, the company's then-CEO said the payments were for consulting work, although there was no evidence to support that.
A year later, Odebrecht was linked to corruption after dozens of floppy discs were seized at the home of top company executive Manoel Ailton Soares dos Reis. One recovered document named more than politicians who received money from the company. Reis, who never faced charges, told a congressional commission that the hundreds of names on the discs were "personal and subjective impressions to guide internal criteria for possible and future campaign collaborations. As Brazilians say when investigations don't bear fruit, "it all ended in a pizza.
Shortly before the presidential election, Emilio Odebrecht acknowledged paying bribes amid a series of scandals. But if you ask me when and who, I will never tell you.
A key lawmaker who pushed to prosecute Odebrecht in the floppy disc case, former Sen. Jose Paulo Bisol, said his career was subsequently derailed. Before going after Odebrecht, Bisol was a respected socialist lawmaker and legal expert. Presidential candidate Luiz Inacio Lula da Silva picked him as his vice presidential running mate in But Bisol was forced out amid corruption allegations that were never proven. Yet, though Odebrecht weathered many scandals over the decades, the "Car Wash" case launched in March to look into bribery and kickbacks at Petrobras has taken a major toll.
Initially, the company was able to deflect blame to Petrobras, where the probe began and with which Odebrecht had worked for decades. But over the last few years, federal Judge Sergio Moro, who is overseeing the probe, has ordered the arrest of top company executives including former CEO Marcelo Odebrecht, Emilio's son, along with politicians allegedly bribed by the company.
Investigations have revealed the extreme measures Odebrecht allegedly employed to pay off politicians, including one scheme involving a major brewery.
The beer at Itaipava brewery was regularly sent through pipes to a volume-measuring meter that authorities used to calculate taxes. Former Odebrecht executive Olivio Rodrigues described how pipes were refashioned to bypass the meter, creating a way to collect money for paying off politicians.
Itaipava has denied any wrongdoing. With its future now uncertain, Odebrecht says it has fired those involved in past bribery and is offering anti-corruption courses to its workers. In a letter sent to employees last week, Odebrecht's board said "this negative phase" of the company was "necessary.SAO PAULO Reuters - Banks are raising the heat on Brazilian conglomerate Odebrecht SA to put its house in order after months of treating the scandal-hit company with kid gloves because of fears its collapse could hurt their balance sheets, sources said.
SAand to place more assets as collateral for loans under renegotiation, said the people, who asked not to be named because the terms of the agreement with creditors were not made public.
Lenders also feel they have given Odebrecht enough time and have dealt with other headaches in their credit portfolio over the last year, giving them more room to maneuver.
Restricted access to capital and a tarnished reputation led Odebrecht to miss a 12 billion-real asset sale goal for mid Some banks have balked at how slowly the Odebrecht family, which retains control over the company it founded inis selling shipbuilding, biofuels and oil drilling assets.
Others question whether the family should retain command after its role in the corruption scandal. The group declared gross revenues of On Friday, Odebrecht named Luciano Guidolin, who played a key role in negotiating the plea deals, as its new chief executive officer. Yet revelations that Odebrecht bribed politicians across Latin America have complicated efforts to win new contracts.
That would lead to the group posting a record loss, to be announced in the coming weeks, the person said. The question is whether the company can rebuild its order book after it was banned from bidding on Brazilian public works contracts and shown the exit from at least four other Latin American countries. Several top Brazilian officials are lobbying antitrust and auditing agencies to avoid additional penalties. Discover Thomson Reuters.
Directory of sites. United States. Business News. Tatiana BautzerGuillermo Parra-Bernal.In the settlement, the company accepted an unusual arrangement that will put it under the observation of two monitors: American lawyer Charles Duross for the US Department of Justice, and Otavio Yazbek, a former director of Brazil's Securities and Exchange Commission. Ensnared in the huge Lava Jato corruption investigation, which involves bribes paid by companies to do business with Brazilian state-controlled energy company Petrobras, Odebrecht still faces skepticism from lenders, and from governments and private firms that would contract with the company for infrastructure work.
Since signing the global settlement, however, the company has ramped up its compliance and governance, acknowledging that there is no alternative if it wants to survive. This month, Odebrecht is also going to nominate a new chairperson to its board of directors, and from now on members of the Odebrecht family will no longer be eligible for that position. The appointment of the new chairman, months before that was required by the settlement, is a gesture of good faith.
As part of that plea deal, Emilio Odebrecht had to disclose bribes paid by the company and agree to serve a four-year sentence of house arrest with an ankle monitor after his departure from the company. It has been Pontes' job as chief compliance officer to set the company's house in order. In an exclusive interview with MLex on the 15th floor of the Odebrecht Building in Sao Paulo, Pontes detailed the company's strategy to honor commitments made in its global settlement.
Compliance is a huge commitment, and must permeate everything we do. Pontes acknowledges the company's difficult position with the public. But that was the Odebrecht of the past. The past, however, still haunts Odebrecht. Odebrecht is holding talks with potential lenders, and hopes it will meet its bond obligation in the next 30 days.
For this year, Inthe last year before the company decided to cooperate with the authorities, the budget was much lower: But I can say that, from informal chats with other compliance officers, we know our budget is miles ahead of what Brazilian companies usually allocate to this area. The boost in the budget allows Odebrecht to come up with new ideas on compliance, such as the creation of a global advisory counsel that meets twice a year to assist the board of directors in fostering anticorruption and sustainability ideas.
More important than innovation is the adoption of compliance and governance standards, Pontes said. If you check the DOJ's 10 hallmarks, we cover the whole ground.
Odebrecht decided in that every business unit should have its own board of directors, and the holding company would provide governance, human resources and compliance guidelines for the entire group. At least 20 percent of all boards' members will ultimately be independent directors. Odebrecht hired executive search firm Russell Reynolds to find the new board members. The candidates will be subject to due diligence checks, in line with a policy that all new hires go through integrity checks to avoid conflicts of interest.
Last December, Odebrecht implemented a year age limit for board members and a maximum of four consecutive two-year terms in office. With a new governance structure well-defined, Odebrecht began to implement compliance initiatives, such as outsourcing its ethical and compliance hotline. That move proved fruitful, Pontes said. Since last May, when Odebrecht hired international consulting firm ICTS, the company has opened internal investigations based on 50 percent of the matters reported to the hotline.
That figure was 15 percent when Odebrecht managed the hotline. The ethics hotline is available in Portuguese, English, and Spanish. For Braskem, the petrochemical joint-venture with Petrobras, the service is also offered in German. The company is also performing a thorough review of its database of suppliers. Pontes said that from now on, suppliers must undergo due diligence checks before getting approval to contract with the company.
Existing suppliers that haven't rendered services for Odebrecht in the last 24 months must prove compliance. Recently, our real estate unit canceled one sale because due diligence on a potential buyer showed concerns with the origins of the money," Pontes said.
Each Odebrecht company now has a separate compliance department led by a chief compliance officer who reports to Pontes.