G1 Scrutinizes Bidding Procedure for Construction of Projected F1 Racetrack in Rio

A Rio law professor says contracting the newly incorporated company to build the new F1 Race Track in Rio de Janeiro may constitute bid-rigging, administrative impropriety, and violation of the principles of the federal Public Bids Law.

By Richard Mann

RIO DE JANEIRO, BRAZIL - Incorporated only 11 days before launching a bid to build and manage the Deodoro Formula One (F1) racetrack in the West Zone of Rio de Janeiro, winning bidder Rio Motorpark Holding S.A. has a stated capital of only R$100,000 (US$25,000), even though the bidding process required a minimum capital of R$69.7million (US$17.4 million . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?