Good morning! Another construction behemoth involved in Operation Car Wash could soon face bankruptcy. The Senate is poised to amend the pension reform bill. And Brazil could lift some visa restrictions to Chinese citizens. Enjoy the read!
Another “victim” of Operation Car Wash
A month ago, the Odebrecht construction group filed for a court-supervised judicial recovery process—one step away from bankruptcy. The company was severely hit by Operation Car Wash, after its schemes to bribe politicians were uncovered by investigators. OAS, another construction behemoth, is inching close to collapse. According to reports filed by administrators to courts, as reported by the
OAS’s fortunes pivoted on November 14, 2014, when its CEO at the time, Léo Pinheiro, was arrested by federal marshals in an operation called “Judgement Day”. For OAS, the name could not have been more appropriate. Since then, the company’s gross revenue dropped from BRL 7.7bn to 900m. In documents dating from April, administrators said the company was in a “critical” situation and might not be able to recover.
The company had filed...