The CEO Of Brazil’s Largest Investment Bank Has Been Arrested

Brazil Corruption Arrests

Officials in Brazil have arrested the CEO of the largest investment bank and the governing party’s leader in the nation’s Senate on Wednesday.

The country’s Supreme Court authorized arrest warrants for Senator Delcidio Amaral and Andre Esteves — the billionaire CEO of BTG Pactual.

The arrests, issued for obstructing justice, arrive as the bank is being investigated for a money laundering scandal that has undermined Brazil’s government and once-strong economy.

The scandal involves Brazil’s state-run oil company, Petrobras. With trouble brewing many people in Brazil are calling for the resignation of President Dilma Rousseff. It is alleged that construction companies paid huge bribes to Petrobras officials and politicians in order to secure lucrative government contracts.

A judge said he issued the warrants on evidence that Amaral and Esteves had tried to silence a key witness in the corruption probe.

Following news of the corruption, many investors pulled out of Brazil and it’s once bright economic future dimmed.