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Concept
Odebrecht
Summary
Odebrecht S.A. (odɛˈbɾɛ(t)ʃ), officially known as Novonor, is a Brazilian conglomerate, headquartered in Salvador, Bahia, Brazil, consisting of diversified businesses in the fields of engineering, construction, chemicals and petrochemicals. The company was founded in 1944 in Salvador by Norberto Odebrecht, and is active in the Americas, the Caribbean, Africa, Europe and the Middle East. Its leading company is Norberto Odebrecht Construtora.
Odebrecht S.A. is a holding company for Construtora Norberto Odebrecht S.A., the biggest engineering and contracting company in Latin America, and Braskem, the largest petrochemicals producer in Latin America and one of Brazil's five largest private-sector manufacturing companies. Odebrecht controls Braskem, which by revenue is the fourth largest petrochemical company in the Americas and the seventeenth in the world.
The name Odebrecht has become shorthand for an unprecedented regional bribery scandal. Between 2001–2016, Odebrecht paid USD 30 million in bribes to executives of Petrobras, in exchange for contracts and influence. That year, the U.S. Department of Justice fined the company 13 billion in debt. They eventually filed for Chapter 15 bankruptcy just two months later on August 26, 2019.
In July 2022, an agreement between Novonor and Marcelo Odebrecht was signed, with the agreement, Marcelo ceases to be a shareholder in the company and ends a legal battle that started in 2020.
Norberto Odebrecht Construtora Ltda.
Official source
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