RIO DE JANEIRO, Oct 19 (Reuters) - Brazilian construction group Andrade Gutierrez, hobbled by the fallout from a corruption scandal at state-run oil company Petrobras, is selling its 17 percent stake in toll-road operator CCR SA , the Estado de S.Paulo paper said on Monday.
Andrade Gutierrez is offering the stake in the toll road operator to international investment funds including Canada’s Brookfield group, and Singapore’s Temasek and GIC funds, the paper said citing unnamed sources.
Andrade Gutierrez, the fourth-largest construction group in the country, is one of 23 companies caught up in Brazil’s Lava Jato, or “Car Wash” price-fixing, bribery and political-kick back investigation, the paper said.
After Andrade Gutierrez’s involvement in the corruption scheme was revealed, it has been unable to bid for new business and receive payment for some old contracts with Petroleo Brasileiro SA, as Petrobras is officially known. It also faces potentially large fines from the government, and some executives face jail time for their role in the case.
As Petrobras is Brazil’s largest infrastructure investor, many of the contractors named in the case have been put under financial stress.
Officials at Andrade Gutierrez did not immediately respond to requests for comment. (Reporting by Jeb Blount Editing by W Simon)