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Spanish Courts Charges FCC with Corruption over Projects in Panama

Infra News - Published on Tue, 05 Nov 2019

Image Source: ciudadfcc
Spain’s High Court has charged Spanish contractor FCC with corruption and money laundering in connection with metro and healthcare contracts in Panama. The High Court said last week that FCC paid bribes amounting to EUR 82 million to obtain contracts in the central American country between 2010 and 2014. The judge of the National Court of Justice, Ismael Moreno, said “Evidence of the investigation, corroborated by information provided by the Swiss authorities, pointed to senior executives of FCC and Odebrecht designing a scheme of repeated corruption which consisted of oversizing the supply of steel needed to build the Panama metro and billing it at double its price. In this way, funds were obtained to pay gifts to employees and political leaders of Panama. The diversion of money was done through screen companies managed by FCC and Odebrecht executives.”

FCC said “An alleged act of corruption occurred in Panama in 2010 were brought to the attention of the Officers and Directors of FCC. The new controlling shareholders of FCC Group, who arrived in 2015, as well as the new Officers and Directors, have been collaborating with the competent authorities since the very moment they were aware of the above referred facts, with the aim of enabling the authorities to thoroughly investigate these events that completely infringe our principles of ethics and compliance. The entire FCC Group is fully committed to the principle of zero tolerance as far as corruption is concerned. The resolution which was served on yesterday was a result of the said investigation, in which FCC has fully collaborated since day one. The FCC Group ratifies its commitment to and collaboration with the legal authorities in order to clarify the above referred facts.”

issued a statement saying it was fully cooperating with the investigation, and pointing out that “new controlling shareholders of FCC Group, who arrived in 2015, as well as the new Officers and Directors, have been collaborating with the competent authorities since the very moment they were aware of the above referred facts”.

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Posted By : Ratan Singh on Tue, 05 Nov 2019
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