Novonor controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2020
Colombian watchdog fines Grupo Aval over bribery scheme
Fine or penalty
On December 28, 2020, Colombia's industry watchdog imposed a fine on Grupo Aval. The action cited bribery by Grupo Aval's subsidiaries Corficolombiana and Episol, together with Odebrecht, in connection with the Ruta del Sol II project. The event is recorded as a controversy note involving Novonor, formerly known as Odebrecht, in relation to the project.
Colombia’s industry watchdog imposed a fine on Grupo Aval on December 28, citing bribery by its subsidiaries Corficolombiana and Episol together with Odebrecht in connection with the Ruta del Sol II project.
Source excerpt
The latest fine is because two other subsidiaries, Corficolombiana and Episol, bribed officials together with Brazilian engineering firm Odebrecht in order to be granted the construction of one of Colombia’s biggest road infrastructure projects in history, the Ruta del Sol II.
The fine imposed on Luis Carlos Sarmiento’s Grupo Aval on December 28 came six weeks after one of its subsidiaries, Banco de Bogota, was fined by the banking watchdog for evading money laundering regulations.
Brazilian construction giant Odebrecht, which recently changed its name to Novonor, must pay a $50 million fine over corruption related to construction of a highway in Colombia, authorities announced on Monday.
2017
Offshore-company disclosures
The Paradise Papers reporting identified offshore companies managed for Odebrecht, including entities described in reporting as connected to the movement of illicit payments investigated in Operation Car Wash.
2016
Odebrecht corruption case and Operation Car Wash
Investigations by Brazilian, United States and other authorities described a long-running system of illicit payments used to obtain or maintain public contracts and influence contract negotiations across numerous countries. The case implicated company executives, intermediaries and public officials and produced criminal proceedings, debarments, penalties and extensive reputational damage.