Odebrecht corruption in Dominican Republic – Five European banks urged to pull out of dirty coal plant financing
European banks must now pull out of financing the $2 billion Punta Catalina coal plant project following recent confirmation of Brazilian company Odebrecht’s widespread use of bribery to secure construction contracts in Dominican Republic, according to NGOs which have been campaigning to stop the controversial project in the Caribbean country.
On December 22, 2016, Odebrecht's long-suspected corruption activities were confirmed in a US court action where, as part of a plea bargain, the company admitted to paying officials to help secure lucrative construction contracts in 12 countries, including Dominican Republic. [1] An investigation into Odebrecht corruption in Dominican Republic has been set up to consider the $92 million in bribes which the company admits to having paid intermediaries and Dominican officials for contracts between 2001 and 2014.
Deutsche Bank, ING, Santander, Société Générale and UniCredit have to date disbursed approximately $320 million out of a planned total loan amount of $632.5 million for the Punta Catalina coal plant. Odebrecht was awarded the Punta Catalina construction contract in dubious circumstances, which campaigners set out in correspondence to the European financiers in April 2016.
Enrique de León, of Dominican group National Committee to Combat Climate Change, said:
“Following our warnings last year, the banks recognised that there were allegations of corrupt practices in connection with the tendering process, but were prepared to give Odebrecht and the Punta Catalina project the benefit of the doubt.
In the wake of Odebrecht’s corruption admissions the National Committee against Climate Change has called on the Dominican state's purchasing and procurement agency to cancel the company’s contract for Punta Catalina and permanently disqualify it as a state contractor. [2]
The fallout from the Odebrecht scandal continues to reverberate in Dominican Republic. A mass civil society demonstration and ‘March against Impunity’ is planned to take place on Sunday(January 22) in Dominican Republic’s capital Santa Domingo.
Yann Louvel, Climate and Energy Campaign coordinator at BankTrack, commented:
“Deutsche Bank, ING, Santander, Société Générale and UniCredit have to recognise they took a big bet on a very dodgy coal plant and now accept the inevitable: they cannot condone corruption in one of their investments. Coal plant investments in far away parts of the world not only jeopardise the climate but are also jeopardising the credibility of the banks’ due diligence procedures. They would do well now to call a halt to all coal power financing for good.”
Deutsche Bank, ING, Santander, Société Générale and UniCredit have to date disbursed approximately $320 million out of a planned total loan amount of $632.5 million for the Punta Catalina coal plant. Odebrecht was awarded the Punta Catalina construction contract in dubious circumstances, which campaigners set out in correspondence to the European financiers in April 2016.
Enrique de León, of Dominican group National Committee to Combat Climate Change, said:
“Following our warnings last year, the banks recognised that there were allegations of corrupt practices in connection with the tendering process, but were prepared to give Odebrecht and the Punta Catalina project the benefit of the doubt.
Odebrecht’s confessions in a US law court have now put beyond any doubt the extent to which corruption has been central to its business for more than a decade, with Dominican Republic proving to be one of its bribery hotspots. Responsible investors need to take a zero tolerance approach to corrupt companies and projects, and these big European banks must surely now end their involvement in Punta Catalina.”Tomar nota: Corrupción #Odebrecht en RD, 5 bancos europeos son llamados para salirse financiamiento Punta Catalina https://t.co/gaHGV65rBK
— Orlando Jorge Mera (@orlandojm) 10 de marzo de 2017
In the wake of Odebrecht’s corruption admissions the National Committee against Climate Change has called on the Dominican state's purchasing and procurement agency to cancel the company’s contract for Punta Catalina and permanently disqualify it as a state contractor. [2]
The fallout from the Odebrecht scandal continues to reverberate in Dominican Republic. A mass civil society demonstration and ‘March against Impunity’ is planned to take place on Sunday(January 22) in Dominican Republic’s capital Santa Domingo.
Yann Louvel, Climate and Energy Campaign coordinator at BankTrack, commented:
“Deutsche Bank, ING, Santander, Société Générale and UniCredit have to recognise they took a big bet on a very dodgy coal plant and now accept the inevitable: they cannot condone corruption in one of their investments. Coal plant investments in far away parts of the world not only jeopardise the climate but are also jeopardising the credibility of the banks’ due diligence procedures. They would do well now to call a halt to all coal power financing for good.”
Notes for editors:
1. ‘Odebrecht bribed across Latin America’, Deutsche Welle, December 23, 2016.
2. The National Committee to Combat Climate Change’s appeal to the General Directorate of Public Contracts is based on Dominican Republic's Law 340-06, which holds that if procurement-related bribes are confirmed then bidding processes must be cancelled and any executed contracts are to be terminated. The same law also requires the disqualification of companies which have performed bribes, which have committed this offence in other cases or which have executives with convictions for corruption.
The proposed Punta Catalina project, a BankTrack 'dodgy deal', comprises two identical coal-fired units each with 385 megawatt capacity, and the construction of a coal terminal with a capacity of 80,000 tonnes. Project finance for the coal plant was agreed with Société Générale, Deutsche Bank, ING, Santander, UniCredit in summer 2015, alongside a loan guarantee from SACE, Italy’s export credit agency. Background information about the Punta Catalina project is available at the BankTrack website.
1. ‘Odebrecht bribed across Latin America’, Deutsche Welle, December 23, 2016.
2. The National Committee to Combat Climate Change’s appeal to the General Directorate of Public Contracts is based on Dominican Republic's Law 340-06, which holds that if procurement-related bribes are confirmed then bidding processes must be cancelled and any executed contracts are to be terminated. The same law also requires the disqualification of companies which have performed bribes, which have committed this offence in other cases or which have executives with convictions for corruption.
The proposed Punta Catalina project, a BankTrack 'dodgy deal', comprises two identical coal-fired units each with 385 megawatt capacity, and the construction of a coal terminal with a capacity of 80,000 tonnes. Project finance for the coal plant was agreed with Société Générale, Deutsche Bank, ING, Santander, UniCredit in summer 2015, alongside a loan guarantee from SACE, Italy’s export credit agency. Background information about the Punta Catalina project is available at the BankTrack website.
http://www.banktrack.org/show/article/odebrecht_corruption_in_dominican_republic_five_european_banks_urged_to_pull_out_of_dirty_coal_plant_financing
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Odebrecht corrupción en República Dominicana - Cinco bancos europeos instados a retirarse del financiamiento de planta de carbón sucio
Los bancos europeos deben ahora retirarse de financiar el proyecto de planta de carbón de Punta Catalina por US $ 2.000 millones tras la reciente confirmación del uso generalizado de la sobriedad por parte de la empresa brasileña Odebrecht para asegurar contratos de construcción en la República Dominicana, según ONG que han estado haciendo campaña para detener el polémico proyecto en el Caribe país.
El 22 de diciembre de 2016, se confirmó la sospecha de corrupción de Odebrecht en una acción judicial en los Estados Unidos, en la que la empresa admitió pagar a funcionarios para asegurar contratos de construcción lucrativos en 12 países, incluyendo República Dominicana. [1] Se ha creado una investigación sobre la corrupción de Odebrecht en República Dominicana para considerar los 92 millones de sobornos que la empresa admite haber pagado a intermediarios y funcionarios dominicanos por contratos entre 2001 y 2014.
Deutsche Bank, ING, Santander, Société Générale y UniCredit han desembolsado hasta la fecha aproximadamente 320 millones de dólares de un total de préstamos de 632,5 millones de dólares para la planta de carbón de Punta Catalina. Odebrecht se adjudicó el contrato de construcción Punta Catalina en circunstancias dudosas, que los activistas expusieron en correspondencia con los financistas europeos en abril de 2016.
Enrique de León, del Comité Nacional de Combate al Cambio Climático, dijo:
"A raíz de nuestras advertencias del año pasado, los bancos reconocieron que había denuncias de prácticas corruptas en relación con el proceso de licitación, pero estaban dispuestos a dar a Odebrecht y al proyecto Punta Catalina el beneficio de la duda. Las confesiones de Odebrecht en un tribunal de los Estados Unidos han puesto más allá de toda duda la medida en que la corrupción ha sido central para su negocio por más de una década, con República Dominicana demostrando ser uno de sus puntos críticos de soborno. Los inversores responsables deben adoptar un enfoque de tolerancia cero para las empresas y proyectos corruptos, y estos grandes bancos europeos seguramente ahora terminarán su participación en Punta Catalina ".
A raíz de las admisiones de corrupción de Odebrecht, el Comité Nacional contra el Cambio Climático ha pedido a la agencia de adquisiciones y adquisiciones del estado dominicano la cancelación del contrato de Punta Catalina y la descalificación permanente como contratista estatal. [2]
Las consecuencias del escándalo de la Odebrecht continúan resonando en la República Dominicana. Una manifestación masiva de la sociedad civil y 'Marcha contra la Impunidad' están programadas para el domingo (22 de enero) en la capital dominicana Santa Domingo.
Yann Louvel, Coordinador de Campaña de Clima y Energía de BankTrack, comentó:
"Deutsche Bank, ING, Santander, Société Générale y UniCredit tienen que reconocer que hicieron una gran apuesta en una planta de carbón muy dudosa y ahora aceptan lo inevitable: no pueden tolerar la corrupción en una de sus inversiones. Las inversiones en plantas de carbón en zonas lejanas del mundo no sólo ponen en peligro el clima, sino que también ponen en peligro la credibilidad de los procedimientos de diligencia debida de los bancos. Ahora harían bien en poner fin a todo el financiamiento de la energía del carbón para siempre ".
Notas para editores:
1. "Odebrecht sobornado a través de América Latina", Deutsche Welle, 23 de diciembre de 2016.
2. El llamamiento de la Comisión Nacional de Combate al Cambio Climático a la Dirección General de Contratos Públicos se basa en la Ley 340-06 de la República Dominicana, según la cual si se confirman los sobornos relacionados con las adquisiciones, se deben cancelar los procesos de licitación y terminado. La misma ley también requiere la descalificación de las empresas que han realizado sobornos, que han cometido este delito en otros casos o que tienen ejecutivos con condenas por corrupción.
El proyecto de Punta Catalina propuesto, un "acuerdo desagradable" de BankTrack, comprende dos unidades de carbón idénticas, cada una con una capacidad de 385 megavatios, y la construcción de una terminal de carbón con una capacidad de 80.000 toneladas. El financiamiento de proyectos para la planta de carbón fue acordado con Société Générale, Deutsche Bank, ING, Santander, UniCredit en el verano de 2015, junto con una garantía de préstamo de SACE, la agencia italiana de crédito a la exportación. Información básica sobre el proyecto Punta Catalina está disponible en la página web de BankTrack.
Http://www.banktrack.org/show/article/odebrecht_corruption_in_dominican_republic_five_european_banks_urged_to_pull_out_of_dirty_coal_plant_financing
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