Rio Mayor Eduardo Paes Says 2016 Olympics Will Not Be Affected By Corruption Scandal

Rio de Janeiro Mayor Eduardo Paes said that the 2016 Rio Games "will not be affected by a corruption scandal implicating some of Brazil’s biggest construction companies and the country’s state-controlled oil producer," according to Tariq Panja of BLOOMBERG. Paes said there were "no concerns" over construction contracts related to the $20B event "even though some of the companies involved are the same ones being investigated for alleged bribery involving contracts." Paes: "There are no suspicions concerning the contracts of the Olympics." He added that the agreements are all audited "in a good way." Among the companies "caught up in a bribery investigation that has roiled the country's political and economic elite is Odebrecht SA." The company got "some of the biggest contracts" related to this year's World Cup and is helping build the Olympic Village and Olympic Park developments, among other Games-related projects. Odebrecht said in a statement, "The Olympics works are on schedule" (BLOOMBERG, 11/24).