Odebrecht again looking to exit huge river navigability project in Colombia

Brazilian construction and engineering giant Odebrecht is trying to offload its stake in a river navigability project in Colombia, according to Reuters.

Odebrecht, which has been rocked by its involvement in the Petrobras bribery scandal, wants to sell its 87% part in the $854m dredging venture to increase the cargo capacity on the Magdalena River.

This is the second time Odebrecht has tried to shed its commitment to this undertaking, called the Navalena consortium. Last year it was looking to sell its stake but then backtracked after Japanese bank Sumitomo Mitsui said it would finance $250m of the project.

Odebrecht has been the biggest player caught up in the Petrobras bribes-for-inflated-contracts scheme that has caused havoc to Brazil’s economy and political sphere. Former Odebrecht CEO Marcelo Odebrecht is serving a 19-year jail sentence for his part in the scandal.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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