Background
In 1923,Emílio Odebrecht founded the Emílio Odebrecht & Cia. company which was responsible for the construction of several buildings during the interwar period in the Northeast of Brazil. Scarcity of raw materials drove Emilio out of the construction business but his son ,Norberto Odebrecht, had the entrepreneur gene and followed in his father’s footsteps, in 1941, creating a company that became the origin of the Odebrecht Group.
During the period 1946-1952, a number of construction projects was undertaken to establish their name in quality and innovation. In 1954, the Odebrecht Group expanded from a partnership to a corporation named Construtora Norberto Odebrecht S.A. (CNO). Odebrecht was not satisfied with this success, they strategized for expansion to Brazil’s northeast in 1961 and eight years later, the Group expands to the Southeast of Brazil. The company displayed importance on corporate social responsibility in 1965 which was to assist youths and …show more content…
Marcelo Odebrecht was arrested alongside 76 of his colleagues and jailed, in June 2015.On 21st December, Odebrecht S.A. and its subsidiary, Braskem S.A., pleaded guilty to one count of conspiracy to violate the Foreign Corrupt Practices Act in a federal court in New York. Odebrecht signed a leniency deal with U.S. authorities to pay a fine of at least USD2.6 billion, and Braskem agreed to pay an additional fine of USD 632 million. This plea bargain highlighted the bribery network that was spread across countries and various political influences. The global impact of the ‘bribery’ actions of this huge organisation is unpredictable and would certainly hinder Odebrecht’s reputation with clients and
In 1923,Emílio Odebrecht founded the Emílio Odebrecht & Cia. company which was responsible for the construction of several buildings during the interwar period in the Northeast of Brazil. Scarcity of raw materials drove Emilio out of the construction business but his son ,Norberto Odebrecht, had the entrepreneur gene and followed in his father’s footsteps, in 1941, creating a company that became the origin of the Odebrecht Group.
During the period 1946-1952, a number of construction projects was undertaken to establish their name in quality and innovation. In 1954, the Odebrecht Group expanded from a partnership to a corporation named Construtora Norberto Odebrecht S.A. (CNO). Odebrecht was not satisfied with this success, they strategized for expansion to Brazil’s northeast in 1961 and eight years later, the Group expands to the Southeast of Brazil. The company displayed importance on corporate social responsibility in 1965 which was to assist youths and …show more content…
Marcelo Odebrecht was arrested alongside 76 of his colleagues and jailed, in June 2015.On 21st December, Odebrecht S.A. and its subsidiary, Braskem S.A., pleaded guilty to one count of conspiracy to violate the Foreign Corrupt Practices Act in a federal court in New York. Odebrecht signed a leniency deal with U.S. authorities to pay a fine of at least USD2.6 billion, and Braskem agreed to pay an additional fine of USD 632 million. This plea bargain highlighted the bribery network that was spread across countries and various political influences. The global impact of the ‘bribery’ actions of this huge organisation is unpredictable and would certainly hinder Odebrecht’s reputation with clients and