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8 months ago
Brazil police probe mining royalty corruption ring, source says
December 16, 2016 / 9:37 AM / 8 months ago

Brazil police probe mining royalty corruption ring, source says

RIO DE JANEIRO, Dec 16 (Reuters) - Brazil's federal police launched searches across the nation on Friday as part of an investigation into alleged corruption involving the payment of mining royalties to several municipalities, a person with knowledge of the matter said.

The scheme aimed to defraud mining firms by raising the value of royalties owed to municipal governments and among those hurt was Vale SA, the world's top producer of iron ore, the person said. (Reporting by Pedro Fonseca; writing by Guillermo Parra-Bernal; editing by Jason Neely)

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