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By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The government of Panama released a statement on Tuesday that Brazil’s Odebrecht conglomerate would have to compensate the country for the damages caused and would ‘take the necessary actions to prohibit the Odebrecht Group from obtaining any contract in future public bidding processes’.

The multinational Brazilian conglomerate is accused of paying US$59 million in bribes to Panamanian officials to obtain construction contracts.

“Their [Odebrecht] future participation will require a report from each entity with which there are works in execution on their compliance with the contracted terms, which . . .

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