Arab Today, arab today brazil exsenator to repay 234 mn in stolen funds
Last Updated : GMT 01:11:51
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Brazil ex-senator to repay $234 mn in stolen funds

Arab Today, arab today

Arab Today, arab today Brazil ex-senator to repay $234 mn in stolen funds

Brasilia - AFP

One of two senators in Brazil who were stripped of their positions for corruption will reimburse $234 million in public funds he embezzled in the late 1990s, authorities said Thursday. \"This is the largest amount to be repaid in a corruption case. A fair bit of the money has been recovered but this is compensation for public funds\" stolen, chief prosecutor Helia Bettero told reporters. This is the largest \"monetary compensation in the fight against corruption in Brazil, and probably the world,\" she said. Luiz Estevao, one of the richest men in Brazil who served eight years in prison, is required to pay 468 million Brazilian real ($234 million) to the country\'s Treasury. The businessman has been accused of misappropriating funds meant to be used for the construction of a public building in Sao Paulo -- a crime which led to his dismissal in 2000 and the loss of his political rights until 2008. Estevao has agreed to repay part of his debt in 96 installments, with his remaining assets as collateral. Only two senators have been dismissed by Parliament in Brazilian history: Estevao and Demostenes Torres. Torres was fired in July because of his alleged links with bookies. He was arrested in February.

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