Brazilian Corruption Charges Could Impact Mexico’s Oil Boom

22 Aug 2017   Brazil, Mexico

Last year, Brazilian construction firm Odebrecht and affiliated petrochemical company Braskem pleaded guilty to bribing officials in 12 countries to secure high-paying contracts. The firm agreed to a payment of at least $3.5 billion, the largest penalty in history for a foreign bribery case. Now, months later, the scandal continues to escalate as new allegations pop up. The latest addition to the scandal is Mexican state oil company Pemex, which has now been swept up in the widespread accusations of corruption. While Pemex officials have already been called for testimony in Odebrecht-related investigations back in April , this week the plot thickened. On Saturday accusations surfaced that Emilio Lozoya, the former chief executive of Pemex, accepted $10 million in bribes from Odebrecht in exchange for sending the company lucrative contracts. The bribes allegedly started rolling in in March 2012, when Lozoya began his reign at Pemex, until he left […]

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