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Financial News: TECHINT: Company Investigated In Italy For Bribery In

TECHINT: Company Investigated In Italy For Bribery In Brazil And Argentina

11/28/2017 - 18:00:00 (RTTNews)

(RTTNews) - The Italian-Argentinean company Techint faces an investigation in Italy for alleged graft payments to officials in Argentina and Brazil in exchange for contracts with state-owned companies in both South American countries.

The investigations began in Italy as a repercussion of Operation Car Wash, in Brazil. Techint sold pipelines to the Brazilian state-owned oil company Petrobras for US$ 1.6 billion after allegedly paying US$ 9.4 million in bribes between 2009 and 2013.

The Italian prosecutor Fabio Di Pasquale traveled to Argentina to work in the investigation, including taking the testimony of Paolo Rocca, Techint's owner. The Argentinean justice, however, blocked Di Pasquale's attempts to get access to e-mails and phone records of Rocca and Techint's directors.

Pasquale was seeking evidence to conclude the investigation of a team of Milan prosecutors who found a "direct link" between Techint, offshore companies and accounts in Switzerland that were used to pay bribes to Brazilian officials.

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