Posts Tagged ‘Odebrecht’

Panama: Chong Chon Gang goes back to Cuba, captain goes to jail, garage sale coming up

Saturday, February 15th, 2014

The North Korean rust bucket returns to Cuba:
N Korean ship seized with Cuban weapons returns to Cuba

The Panama Canal Authority recently said the ship could leave, after Pyongyang paid a nearly $700,000 (£425,000) fine.

The ship was seized seven months ago with Soviet-era weapons and fighter jets hidden under sacks of sugar.

Three members of the crew stayed behind to face arms trafficking charges.

The captain, the first officer and the political officer of the Chong Chon Gang face sentences of up to 12 years.

Panama will be having a garage sale,

Panamanian officials quoted by Reuters news agency said the arms would likely be sold or given away and the sugar sold to companies interested in turning it into ethanol.

Related:
Odebrecht’s Cuba Port at Center of Illegal Weapons Smuggling

The ship’s automatic identification system was turned off to hide its stop at the Port of Mariel. Moreover, while the logs showed multiple ports of call, they omitted the Mariel stop.

This is the same Mariel port that the Brazilian conglomerate, Odebrecht, has been expanding (since 2011) in partnership with Castro’s military.

In other words, this Cuba-North Korea weapons transfer occurred right under Odebrecht’s nose (at best).

Why? Perhaps because in addition to the port, Brazilian construction and infrastructure giant Odebrecht is planning to build a plastics plant in Cuba

BNDES: Brazil’s really big bank

Monday, December 16th, 2013

Juan Forero reports on BNDES, the Brazilian Development Bank, A bank that may be too big for Brazil.
BNDES:

  • has loaned a third of a trillion dollars since 2010, twice the amount the World Bank provided to about 100 countries combined
  • According to critics, most of the money goes to the country’s richest and most politically connected companies, among them JBS (the largest contributor to Dilma Rousseff’s campaign), construction giant Odebrecht, and now-broke Eike Batista’s EBX Group (which received $4 billion in loans).
  • Treasury funds and payroll tax revenue are used for loans.
  • In exchange for loans, BNDES has acquired a minority stake in dozens of private companies, giving the bank’s executives a say in their operations.

For all practical purposes, BNDS is acting as an investment bank, not a public institution focused on fostering social development, while maintaining its lack of transparency,

But analysts say there is another downside to BNDES’s big spending: It fans inflation, which has remained stubbornly high at just under 6 percent a year.

To keep it under control, the Central Bank on Nov. 27 raised its benchmark rate to 10 percent. Such a high interest rate — the highest of any developed country — is believed to crowd out the development of private lenders.

What could possibly go wrong?