SAO PAULO, BRAZIL-Brookfield Asset Management‘s Brazilian subsidiary, two of its top executives and a former employee are facing civil bribery charges filed by prosecutors here.
The subsidiary of one the world’s largest property investors has been accused by local law enforcement of committing bribery to secure construction permits, according to the Wall Street Journal.
São Paulo state prosecutor Marcelo Camargo Milani told the newspaper that he filed civil charges against a total of 10 defendants.
“Brookfield has created a high system of bribery in order to obtain approval for its projects quickly and with irregularities,” Milani said.
A Brookfield spokesman said the bribery allegations came from a disgruntled former employee, who was fired in 2010.
“These are unproven allegations made by a former employee,” the spokesman said. “We don’t believe Brookfield did anything wrong and we are cooperating with authorities.”
The prosecutor is seeking a total of 30 million reais ($15 million) fine from all defendants and is asking the court to ban Brookfield from receiving additional public contracts. See story in the Wall Street Journal.