Construction conglomerate Odebrecht has signed an agreement with two more Brazilian state bodies to settle cases related to a corruption scheme in which Odebrecht and others formed a de facto cartel to rig bids with state-run oil giant Petrobras and bribe officials.
Odebrecht signed an agreement Monday with the solicitor general and the comptroller general to pay around $700 million over 22 years to Petrobras and other state entities. The two state bodies will drop legal proceedings against Odebrecht.
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After the installments are adjusted for inflation, authorities estimate Odebrecht will pay around $1.76 billion.
The agreement expands a 2016 settlement in which Odebrecht agreed to pay at least $2.6 billion to resolve charges with authorities in the United States, Brazil and Switzerland. Monday's fine is part of that $2.6 billion.