Brazilian construction giants Andrade Gutiérrez and UTC have each signed separate Decrees of Consent with the country’s competition regulator, the Administrative Council for Economic Defense (CADE), whereby the companies admit having participated in a cartel now under investigation as part of the wide-reaching “car wash” case, which targeted price-fixing and bid-rigging bribes between companies and state-owned enterprises. The settlement with CADE involves payment of a R$195 .16 million fine ($61.5 million USD), as well as continued cooperation on the company’s behalf.
The companies’ settlement concerns their involvement within an alleged cartel operating to manipulate contract bids for the state’s oil company, Petrobras, in the engineering, construction and industrial assembly services sectors. The companies are also involved in a separate case of collusion, accused of conspiring to manipulate the bid-granting contest for the Angra 3 power plant.
Andrade Gutiérrez has fully admitted its involvement in the aforementioned cartel, with the company willing to cooperate fully with the authorities in order to reduce the fines and other penalties it may incur. UTC, slower to approach the agency, will pay the lions share of the fine, at R$139.1 million , being the largest amount ever charged by CADE to one single company.
Full Content: Brasil 24/7
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
European Music Streaming Firms Rally Against Apple’s Proposed Remedies
May 9, 2024 by
CPI
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI