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Sete Brasil fraud case widened to include Odebrecht

Washington-based investment firm EIG Management has expanded its Petrobras-related fraud lawsuit to include Odebrecht and some shipyards, according to Reuters.

EIG is suing for $221m on the grounds that those firms used fraudulent misinformation to persuade EIG to invest $221m in Sete Brasil, the oil rig chartering firm that Brazil’s state oil firm Petrobras helped to create. Sete Brasil filed for bankruptcy last month.

Brazilian engineering and construction giant Odebrecht has been one of the most damagingly exposed among Petrobras’ contractors because of the bribes-for-inflated-contracts scandal that has racked the country’s economy and political sphere.

Three Singapore based firms – Keppel Corp, Sembcorp Marine and Jurong Shipyard – are also defendants in the case.

The revised lawsuit – the case was originally brought in February – was filed in US District Court in Washington.

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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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