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Odebrecht also bribed banking system operators.

The construction company Odebrecht has become better known in recent years for paying bribes to directors of state-owned companies, foreign governments, and parliamentarians, as well as financing electoral campaigns and distributing money throughout much of Latin America, regardless of ideological preference; now, however, investigations in Switzerland indicate that the construction company also bribed operators of the banking system.

Odebrecht also bribed banking system operators (Photo: GUADALUPE PARDO - REUTERS)

247The construction company Odebrecht has become better known in recent years for paying bribes to directors of state-owned companies, foreign governments, and parliamentarians, as well as financing electoral campaigns and distributing money throughout much of Latin America, regardless of ideological preference.Now, however, investigations in Switzerland indicate that the construction company also bribed operators in the banking system. 

The report from the UOL portal It highlights that "the suspect is Heitor Duarte, former manager of PKB Privatbank and already dismissed from the financial institution. The employee was the one who coordinated the bank's actions to attract Latin American clients. One of them: Odebrecht." Back in 2016, one of the heads of Odebrecht's Structured Operations Division, Fernando Miggliaccio, admitted in his plea bargain that the banker assisted in the payment of bribes around the world, even having access to the messaging system that was created in parallel to the construction company's official servers.

According to the article, "the capture of Miggliaccio that year was considered a key point in the investigation process, since it was his information that allowed for a series of inquiries to be opened and the leniency agreement with Odebrecht itself." In his testimony, he details the complex relationship between services in Brazil and a network of overseas accounts used to conceal payments. But his account was the first to directly implicate Swiss banks, which for years had claimed they didn't know the reasons for the transfers.