Economic news

Brazil top court orders Novonor to keep paying some installments on corruption fines

2024.02.09 18:33



BRASILIA (Reuters) – The Brazilian Supreme Court stated on Friday that Novonor should proceed to pay a part of the installments on fines charged to the conglomerate in a leniency deal for corruption offenses, even after some funds had been suspended final week.

The resolution clarifies final week’s ruling: since Novonor made two leniency agreements in Brazil, it was murky which fines the agency might cease paying and which it couldn’t.

A 2.7 billion-real ($545.27 million) positive, agreed in 2018 in a leniency settlement with comptroller common’s workplace, should proceed to be paid, in accordance to the choice. It was not clear how a lot of the quantity Novonor had already paid.

The conglomerate, beforehand generally known as Odebrecht, has signed separate leniency agreements with Brazil’s federal prosecutors and the comptroller common’s workplace over corruption scandals during which the development firm paid bribes to politicians in return for profitable contracts.

Supreme Court Judge Dias Toffoli ordered suspension of the funds due to alleged abuses dedicated by prosecutors when the phrases of the deal had been signed.

On Friday, the identical choose issued one other resolution saying the funds suspension contains solely the leniency settlement signed with prosecutors, which was valued at a complete of three.8 billion reais in 2016. The quantity has seemingly grown since then, and it was additionally not clear how a lot the agency has already paid.

The settlement that continues to be legitimate, with comptroller common’s workplace, was initially valued at 2.7 billion reais. But it too has seemingly grown due to a forex adjustment mechanism that’s a part of the deal.

Novonor is evaluating the choose’s resolution, it stated in an announcement.

Toffoli famous he’ll reassess some leniency agreements, together with Novonor’s, over the subsequent 60 days.

($1 = 4.9517 reais)

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