A PYMNTS Company

Brazil: CADE suspends investigation against companies that admitted to cartel in Petrobras tenders

By  |  February 11, 2019

The Administrative Council of Economic Defense (CADE) of Brazil has suspended an investigation into an alleged cartel active in tenders for oil company Petrobras, involving the companies OAS, Carioca Engenharia, and Odebrecht, after receiving documents by these companies where “they recognize their participation and offer evidence that corroborates the conduct being investigated.”

The CADE process, which would analyze the existence of a cartel in the on-shore industrial engineering, construction and assembly services market for participation in Petrobras tenders, also involves several other companies, which will have the opportunity to confess their participation before the end of the instruction process.

CADE reported last November regarding the allocation of fines to companies, agreeing payments with OAS for R$ 124.7 million (approximately US$33 million), with Carioca Engenharia for R$54.16 million (US$14 million), and with Odebrecht for R$338.9 million (US$90 million).

Full Content: Globo

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.