Ecuador fines Novonor for corruption

Ecuador fines Novonor for corruption

Corporate & Sovereign Strategy Economy & Policy Project & Infrastructure Finance Energy Hydro Regulation Ecuador Brazil

Ecuador's anti-trust agency SCPM said it has levied a fine of $56.8 million on Brazilian conglomerate Novonor for corrupt practices in bidding for two hydropower projects. Novonor, formerly known as Odebrecht, colluded with Ecuador’s state-owned power company Celec to inflate the cost of the Manduriacu hydroelectric plant and a tunnel for the Pucará hydroelectric plant by $130 million, the regulator said in a statement. SCPM also fined Celec $1.3 million and said the company rigged the bidding p

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