GE Said to Suffer Payment Delay on Brazil Corruption Scandal/Queiroz Galvao

General Electric Co.’s renewable energy business in Brazil is facing delays in getting paid by a client that’s involved in a corruption probe, according to two people with direct knowledge of the matter.

GE is owed about 500 million reais ($150 million) by the Brazilian conglomerate Queiroz Galvao SA, according to the people, who asked not to be named because the information is private. The payments are on hold because the company’s construction unit is ensnared in the so-called Car Wash investigation into corruption at the state-run oil colossus Petroleo Brasileiro SA.

Read more

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Powered by

Up ↑

%d bloggers like this: