January 24, 2017 / 2:08 PM / a year ago

Peru president: Odebrecht must to sell its projects amid graft scandal

LIMA, Jan 24 (Reuters) - Peruvian President Pedro Pablo Kuczynski said Tuesday that Brazilian engineering conglomerate Odebrecht will have to sell off its projects in Peru as prosecutors negotiate a potential plea deal with the company.

In an interview with local broadcaster RPP, Kuczynski said his government has already cashed in a $262 million guarantee from an Odebrecht-led pipeline consortium for missing a financing deadline and breaking the terms of its $5 billion contract that is returning to state control.

Odebrecht faces mounting debt as it grapples with a growing corruption scandal in Latin America. In December it acknowledged having distributing hundreds of millions in bribes across the region.

“They’re going to have to sell their projects. Several of them are very good,” Kuczynski said in broadcast comments, when asked about the impact of the scandal in Peru. “Unfortunately they’re tainted by corruption, they have to go. It’s over.” (Reporting by Mitra Taj; Editing by Jeffrey Benkoe)

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