Brazil Police Probe Overseas Financing by BNDES Development Bank

Brazilian police are deepening a probe into overseas financing provided by state development bank BNDES, further linking the lender to the country’s sweeping corruption probe.

The investigation focuses on illegal payments made in exchange for BNDES loans in the Dominican Republic, Angola, Cuba, Panama, Gana and Mexico, according to a police statement released on Thursday. The loans benefited a “large construction company in Brazil,” police said without naming the company. Local newspaper O Estado de S. Paulo said builder Odebrecht paid $7.6 million to a consulting company owned by a former BNDES official to obtain $3 billion in loans, without citing sources.

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