Brazils Odebrecht Sues Colombia For 13 Billion Over Asset Seizure

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Brazils Odebrecht Sues Colombia For 13 Billion Over Asset Seizure

BOGOTA – Brazilian construction company Odebrecht is suing the Colombian government for $1.3 billion alleging the nation illegally expropriated assets during a bribery probe, a government official said on Thursday.

Luis Guillermo Velez, director of the State Legal Agency, which defends the government in any lawsuits, told Reuters that Odebrecht has accused Colombia of violating an Investment Protection Treaty signed with Spain, allowing it to make the demand through its Spanish unit.

“They claim there is a series of acts by the Colombian state that have violated international law and that have generated an expropriation situation, and request compensation of 3.8 billion pesos,” said Velez, stating that Odebrecht wants to settle the case before an international arbitration tribunal.

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