Odebrecht, Aval Lose Colombia Arbitration Case for Highway Works
- Court nullifies 2010 contract, government to pay $61 million
- Ruling may end heated controversy over scandal-plagued project
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A Colombian arbitration court on Tuesday awarded Odebrecht SA , the scandal-plagued Brazilian conglomerate, and its Colombian banking partner, Grupo Aval SA, a fraction of what they were seeking from the government for building half a highway halted amid corruption charges.
The companies’ government contract to build Ruta del Sol 2, Colombia’s biggest highway, was obtained through what Odebrecht has acknowledged was bribery. A special three-judge panel at the Center of Arbitration and Conciliation, CAC, declared the 2010 contract null and void, according to the 699-page ruling obtained by Bloomberg News.