Brazil builder agrees to $30 million fine in corruption probe
SAO PAULO Aug 19 (Reuters) - Brazilian engineering company Camargo Correa has agreed to pay fines of more than 104 million reais ($30 million) and admit to participating in a cartel that fixed prices on contracts with state-run oil producer Petrobras , antitrust regulator Cade said on Wednesday.
Cade and federal prosecutors first said on July 31 that they had signed an agreement to let Camargo Correa off the hook for price-fixing in return for a fine and information on an alleged cartel.
Companies that do not sign leniency agreements could face steeper fines or risk being barred from project tenders in Brazil. Cade said in March it had signed an agreement with Setal Engenharia e Construções and its SOG Óleo e Gás unit, as well as executives who worked for the engineering conglomerate.
Camargo Correa was the first of Brazil's construction companies whose top executives were convicted of corruption and money laundering in the massive kickback scandal involving overpriced contracts with Petroleo Brasileiro SA, as Petrobras is formally known.
Brazil's largest-ever corruption scandal has led to indictments and jailing of executives at the country's biggest engineering companies and implicated dozens of politicians in President Dilma Rousseff's governing coalition.
Newspaper Folha de S. Paulo said last week that Camargo Correa was also negotiating a leniency deal with Brazil's comptroller general, known as the CGU. The CGU said six of the 29 companies it was investigating were negotiating leniency deals.
($1 = 3.5 reais) (Reporting by Erick Noin and Caroline Stauffer; Editing by Lisa Von Ahn)
© Thomson Reuters 2017 All rights reserved.