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Brazil Repatriates $125 Million of Dirty Money


Brazil has recovered $125 million siphoned off to foreign bank accounts by corrupt officials, politicians and businessmen.

The record figure recovered in 2015 is eight times more than what was repatriated over the previous decade, the Justice Ministry has reportedly said.

Officials say their policy of negotiating plea bargains with suspects has helped them recover assets.

Much of the money had been diverted from the state oil company Petrobras.Petrobras job cut 2016

Dozens of Brazilian executives and politicians have been arrested or are under investigation on suspicion of overcharging contracts with Petrobras as part of an inquiry known as Operation Car Wash.

According to authorities, part of the diverted money had been used to pay for bribes and electoral campaigns.

It is believed the scheme had cost Petrobras $2 billion.

By contrast, between 2005 and 2014, Brazilian officials managed to recover $15 million, local newspaper Folha de S.Paulo reported.

From the amount repatriated in 2015, $95 million was linked to the Car Wash investigation.

The money had been diverted to Switzerland and returned to Brazil, the report said, adding that most of it was expected to be returned to Petrobras.

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.