June 23, 2022 |
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
Anti-trust agency orders the Brazilian conglomerate to pay $57 mln for rigging bids for hydropower projects