Colombian Regulator Fines Odebrecht’s Consortium Members

Colombia’s commerce regulator issued fines worth a total of $84.5 million on Tuesday morning against members of a consortium led by Brazilian giant Odebrecht for breaking competition rules.

Colombia’s commerce regulator issued fines worth a total of $84.5 million on Tuesday morning against members of a consortium led by Brazilian giant Odebrecht for breaking competition rules.

In a statement, the Colombian Superintendency of Industry and Commerce announced it fined Odebrecht $65 million for its part in devising and executing a strategy to restrict free competition during the award of a contract ten years ago. The regulator added that Corficolombiana was fined $30 million, while Episol, which is a subsidiary of Grupo Aval and Corficolombiana, was fined $15 million.

In a statement, Corficolombiana and Episol said they haven’t been found responsible for the activities being investigated by Colombian authorities, pointing out that both companies will continue to defend their legal position.

Odebrecht has been at the center of a Latin American graft scandal, acknowledging four years ago that it bribed officials in a dozen nations. 

In Colombia, the Brazilian construction giant paid bribes worth $30 million in exchange for infrastructure contracts.


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