Odebrecht SA, a Brazilian engineering conglomerate, has sold its 16.4% stake in Sociedade Mineira de Catoca, which owns Angola’s largest diamond mine, IDEX Online reported.
Catoca is the world’s fourth largest mine and produces 80% of Angola’s diamonds. Odebrecht has been a Catoca partner for over 30 years.
Odebrecht has exited Catoca in order to meet a $3.84 billion asset sale goal. Angola’s national diamond company Endiama bought out Odebrecht’s share with the help of other partners in Catoca.
The Brazilian firm has been accused of overcharging several state firms and bribing political and other entities. Once Brazil’s largest private-sector employer, Odebrecht has agreed to sell assets to pay a $3.5 billion leniency accord with Brazilian, U.S. and Swiss authorities, and meet terms of a debt restructuring outlined by local banks.
