Brazil: CADE suspends investigation against companies that admitted to cartel in Petrobras tenders
The Administrative Council of Economic Defense (CADE) of Brazil has suspended an investigation into an alleged cartel active in tenders for oil company Petrobras, involving the companies OAS, Carioca Engenharia, and Odebrecht, after receiving documents by these companies where “they recognize their participation and offer evidence that corroborates the conduct being investigated.”
The CADE process, which would analyze the existence of a cartel in the on-shore industrial engineering, construction and assembly services market for participation in Petrobras tenders, also involves several other companies, which will have the opportunity to confess their participation before the end of the instruction process.
CADE reported last November regarding the allocation of fines to companies, agreeing payments with OAS for R$ 124.7 million (approximately US$33 million), with Carioca Engenharia for R$54.16 million (US$14 million), and with Odebrecht for R$338.9 million (US$90 million).
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
FTC Pushes Review of CoStar’s Commercial Real Estate Antitrust Case
Jan 31, 2024 by
CPI
UK’s CMA Investigates Ardonagh’s Atlanta Group and Markerstudy Merger
Jan 31, 2024 by
CPI
Greenberg Traurig Grow Financial Regulatory and Compliance Practice
Jan 31, 2024 by
CPI
Dutch Regulator Fines Uber €10 Million for Privacy Violations
Jan 31, 2024 by
CPI
DOJ Investigates AI Competition, Eyes Microsoft’s OpenAI Deal: Bloomberg
Jan 31, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – The Rule(s) of Reason
Jan 29, 2024 by
CPI
Evolving the Rule of Reason for Legacy Business Conduct
Jan 29, 2024 by
CPI
The Object Identity
Jan 29, 2024 by
CPI
In Praise of Rules-Based Antitrust
Jan 29, 2024 by
CPI
The Future of State AG Antitrust Enforcement and Federal-State Cooperation
Jan 29, 2024 by
CPI