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Brazil to cut $12 bln fine for construction firm Andrade Gutierrez - paper
November 16, 2017 / 10:38 AM / a month ago

Brazil to cut $12 bln fine for construction firm Andrade Gutierrez - paper

SAO PAULO, Nov 16 (Reuters) - The Brazilian government has backed off a previous plan to fine construction and engineering conglomerate Andrade Gutierrez SA 40 billion reais ($12 billion) for its participation in a graft scheme, a national newspaper reported on Thursday.

Brazil’s Office of the Comptroller General has not reached an agreement with the company over a fine, paper Folha de Sao Paulo said, without saying how it received its information.

However, it added the damages sought would be nowhere near the original 40 billion reais, and the government would not seek to make the company unviable.

In October, news outlet O Globo reported the government was seeking 40 billion reais from Andrade Gutierrez, which the company considered too high and likely to lead to bankruptcy.

Andrade Gutierrez is one of 10 companies being investigated since March 2015 in the “Car Wash Operation,” a probe into kickbacks from company executives to politicians in return for contracts at state-run enterprises, especially oil firm Petroleo Brasileiro SA.

Representatives for Andrade Gutierrez did not immediately respond to a request for comment.

$1 = 3.31 reais Reporting by Gram Slattery; Editing by Mark Potter

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