Former Odebrecht CEO formalises departure after six months in jail

Former Odebrecht CEO formalises departure after six months in jail

SAO PAULO (Reuters) – Marcelo Odebrecht, the former chief executive of Grupo Odebrecht, has formalised his departure from Latin America's largest engineering group after six months in prison on corruption charges, the Brazilian company said on Thursday.

He moreover stepped down as chairman of petrochemical producer Braskem SA , Odebrecht Oleo e Gas, Odebrecht Realizações Imobiliarias & Odebrecht Ambiental. Newton de Souza will stay on as chief executive of Odebrecht SA & chairman of the other companies.

The third-generation scion of one of Brazil's most powerful business dynasties, Marcelo Odebrecht was ensnared in a sweeping corruption investigation stemming from state-run oil company Petroleo Brasileiro SA .

Grupo Odebrecht reiterated its position that he will be cleared of all wrongdoing.

(Reporting by Brad Haynes; Editing by Sandra Maler)

Source: “Reuters”