June 29, 2017 / 1:38 PM / a year ago

Odebrecht to sell stake in Argentina rail project - reports

BUENOS AIRES, June 29 (Reuters) - Brazilian construction company Odebrecht SA has agreed to sell its stake in a major underground rail project in Argentina, where it is being investigated for bribing officials, local media reported on Thursday.

Odebrecht will sell Italian company Ghella its 33 percent stake in the long-delayed project to build the rail line in Buenos Aires, newspapers La Nacion and El Cronista reported. The value of the deal was not reported.

An Odebrecht representative declined to comment. A Ghella representative did not immediately respond to a request for comment.

In December, Odebrecht and petrochemical subsidiary Braskem SA settled with Brazilian, U.S. and Swiss authorities by paying a record fine of $3.5 billion. In the settlement, Odebrecht admitted to bribing officials in 12 countries, including making payments totaling $35 million in Argentina between 2007 and 2014. (Reporting by Hernan Nessi and Nicolas Misculin; Writing by Luc Cohen; Editing by Jeffrey Benkoe)

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