FCC allegedly paid kickbacks worth $178M to Panamanian government between 2010 and 2014

FCC results

Banco Sabadell : According to the press, a report by the UCO (Guardia Civil) concludes that FCC allegedly paid illegal commissions between 2010 and 2014 amounting to 178 million dollars (126 million euros at the time) to senior officials of the Panamanian government to secure more than a dozen public contracts.

Assessment: Pending the outcome of the process, which in our opinion could result in a financial fine rather than a restriction on bidding, we recall that the investigation of this case in Spain was already known and that this report comes after FCC reached an agreement with the Panamanian prosecutor’s office in late 2019 to pay a fine of $20m (~0.5% capitalisation) in exchange for the filing of corruption charges.

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