Wednesday, October 21, 2020

Corruption plague Odebrecht agrees to extend DOJ monitorship in plea deal

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Scandal-plagued Brazilian conglomerate Odebrecht SA has agreed to extend monitorship by the U.S. Department of Justice in its corruption plea deal after failing to comply with some conditions of the agreement, according to court filings.

The filing said Odebrecht failed to fulfill monitorship obligations, including allowing the DOJ monitor to complete the monitorship and failure to maintain a compliance and ethics program. The independent compliance monitorship was to have expired this month, but will be extended through November.

Odebrecht said in a statement that the extension was due to “financial issues” related to the payment of monitors. The conglomerate, which filed for bankruptcy last June to restructure 51 billion reais ($12 billion) in debt, said it is trying to solve the problem in the short term. Creditors of the company have yet to approve its restructuring proposal. ($1 = 4.2529 reais)

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