CEO Of #brazil's Engevix Sentenced To 19 Years In Prison #corruptionandbribary #petrobras

By 15th December 2015 Industry News No Comments

Operation Car Wash, the Federal Police investigations into the Petrobras corruption scandals, is moving forward under the helm of Justice Sérgio Moro, resulting in more top executives involved in fraudulent schemes going to jail.

On December 14, Justice Moro sentenced the CEO of Engevix, Gerson Almada, to 19 years in prison as well as fined Almada on charges of corruption, money laundering and conspiracy in the price-fixing and bribery scandals with Petrobras.

Gerson Almada, the CEO of Engevix. Image credit: Petronoticias

Mr. Almada was arrested in November of last year and has been under house arrest since April 2015. He was later allowed by the court to resume his job at Engevix.

In addition to serving time in prison, Mr. Almada was banned by the court from working for any company which does business with the Brazilian administration.

Engevix is one of the largest Brazilian construction companies, with outstanding performance in the Brazilian infrastructure, energy and oil and gas markets.

The onset of Operation Car Wash revealed that Engevix provided illegal payments to front companies owned by the scheme manipulator Alberto Yousseff, who was in charge of channeling the ill-gotten gains to former Petrobras refining chief, Paulo Roberto Costa.

Youssef and Costa have been sentenced by Justice Moro to 19 and 14 years in jail, respectively.

In his ruling, Justice Moro determined that Engevix must pursue a leniency agreement with the Brazilian public ministry.