Powerful Brazilian CEO arrested in Petrobras graft probe

Brazilian police on Friday arrested Marcelo Odebrecht, the head of Latin America's largest engineering and construction company Odebrecht SA, and accused his family-run conglomerate of spearheading a $2.1 billion bribery scheme at state-run oil firm Petrobras. In pre-dawn raids that netted 12 arrests in four states, police also apprehended Otavio Marques Azevedo, head of Andrade Gutierrez [AGIS.UL], the second-largest Brazilian construction firm. A lead prosecutor, Carlos Fernando dos Santos Limas, said he had "no doubt" Odebrecht and Andrade Gutierrez led what he called a "cartel" that overcharged Petrobras for work and passed on the excess funds to executives and politicians.

Powerful Brazilian CEO arrested in Petrobras graft probe source: http://finance.yahoo.com/news/powerful-brazilian-ceo-arrested-petrobras-195449237.html