Brazil arrests powerful Odebrecht CEO in Petrobras probe

SAO PAULO (Reuters) - Brazilian police on Friday arrested Marcelo Odebrecht, the head of Latin America's largest engineering and construction company Odebrecht SA, ensnaring the most high-profile executive to date in the corruption investigation at state-run oil firm Petrobras.

In morning raids that netted 12 arrests in four states, police also apprehended Otavio Marques Azevedo, head of Andrade Gutierrez, the second-largest Brazilian construction firm Andrade Gutierrez [AGIS.UL].

A lead prosecutor, Carlos Fernando dos Santos Limas, said he had "no doubt" Odebrecht and Andrade Gutierrez led what he called a "cartel" that overcharged Petrobras for work and passed on the excess funds to executives and politicians .... http://news.yahoo.com