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Mitsui pulls finance from Odebrecht Colombia plan

Friday, February 3, 2017

Japan’s Sumitomo Mitsui bank has pulled $250 million in financing from Colombia’s Magdalena River navigability project, as majority stakeholder Odebrecht faces corruption charges, the Colombian government said.

Odebrecht is seeking to give up its 87 percent stake in the Navelena consortium, tasked with the $851 million effort to dredge the river to increase its cargo capacity, after allegations by U.S. prosecutors that it paid hundreds of millions of dollars in bribes in 12 countries.

Source: Colombia Reports