Spain's High Court charges builder FCC over Panama contracts

This post was originally published on this site

https://i-invdn-com.akamaized.net/news/LYNXNPEB7R0H5_M.jpg
© Reuters. Spain's High Court charges builder FCC over Panama contracts© Reuters. Spain’s High Court charges builder FCC over Panama contracts

MADRID (Reuters) – Spain’s High Court on Wednesday charged Spanish building and infrastructure company FCC (MC:) with corruption and money laundering in connection with 82 million euros ($91 million) in payments made in Panama.

The High Court’s investigative judges said FCC paid bribes to obtain metro and hospital contracts in the central American country between 2010 and 2014.

FCC declined to comment. It now has the opportunity to defend itself or appeal against the charges, before the judges decide whether to send the case to trial. The process could take months.

FCC is now controlled by Mexican tycoon Carlos Slim, who took a 25% stake in 2014 and gained control of the board in 2016.

Documents published by the court on Wednesday show its investigation centered on allegations that FCC overcharged for steel in construction projects with a consortium including Brazilian company Odebrecht, using the funds obtained to pay bribes to officials in Panama.

The High Court said the managers who participated in the scheme were fired by FCC.

In 2016, Odebrecht agreed to the world’s largest-ever corruption leniency fine with prosecutors in Brazil, the United States, and Switzerland, paying at least $3.5 billion. The scandal over bribes for public works contracts spread to other countries where Odebrecht did business, including Peru, Mexico, Argentina and Colombia.

At 1325 GMT, FCC shares were down 1.8% at 10.66 euros.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment