May 22, 2018 / 12:21 PM / a month ago

Odebrecht agrees to pay Brazilian authorities $730 million in damages -report

SAO PAULO, May 22 (Reuters) - Odebrecht SA, the engineering conglomerate at the center of one of Latin America’s largest corruption scandals, has reached a preliminary agreement to pay 2.7 billion reais ($734 million) in damages to federal authorities in Brazil, a paper reported on Tuesday.

The agreement between Odebrecht and Brazil’s federal comptroller, the CGU, is in the analysis phase, newspaper Valor Economico reported, without saying how it obtained the information.

The agreement should be signed in June, the paper said, at which point it must be authorized by federal prosecutors and the country’s federal audit court, known as the TCU.

According to the paper, the deal is less than the 3.8 billion reais Odebrecht pledged to pay in 2016, because the recent accord does not include damage payments to state governments. Odebrecht is currently negotiating with a variety of state authorities, including with officials in Sao Paulo, the country’s largest state by population.

Neither Odebrecht nor the CGU immediately replied to a request for comment on Monday.

($1 = 3.68 reais)

Reporting by Gram Slattery; Editing by Bernadette Baum

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