Colombia to scrap Odebrecht dredging contractNews // February 23, 2017
Reuters/Nasdaq reports that Colombia's government has begun termination of a US$861 million contract to restore navigability of the Magdalena River that was led by Brazil's Odebrecht.
The decision was made after Odebrecht, which faces allegations of corruption in Colombia and other Latin American
countries, failed to provide funding to develop the project or cede the concession to another company.
"We will start the termination process and directly assume the dredging of the river via (government) public works," said Luis Fernando Andrade, director of Cormagdalena, the government agency in charge of the river tributary.
PowerChina has reportedly expressed interest in taking Odebrecht's 87 per cent stake in the Navelena consortium, which ran the dredging project.
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