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Colombia scraps Odebrecht contract

Thursday, February 23, 2017


Colombia's government has begun termination of an $861 million contract to restore navigability of the Magdalena River that was led by Brazil's Odebrecht, the government said.

The decision was made after Odebrecht, which faces allegations of corruption in Colombia and other Latin American countries, failed to provide funding to develop the project or cede the concession to another company.

Source: Reuters