Brazil Arrests Majority Shareholders of Avianca Holdings in Car Wash Corruption Investigation

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Wednesday, August 26, 2020
Author: 
Bruce Zagaris
Volume: 
36
Issue: 
9
Abstract: 

On August 19, 2020, the Federal Police in Brazil detained brothers German and Jose Efromovich, the majority shareholders of Colombia’s Avianca Holders, in the Car Wash corruption investigation. Brazilian law enforcement authorities accuse them of bribing public officials and laundering money to earn a contract building ships with Transpetro, the logistics unit of Brazilian oil company Petrobras.[1]



[1]    Ricardo Brito and Marcelo Rochabrun, Avianca’s majority shareholders arrested in Brazil on accusations of corruption, Reuters, Aug. 19, 2020.