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Funds for Olympic project blocked by Brazilian court on account of suspected fraud

A total funding amounting to $35 million has been blocked.

News 29 Mar 2016, 23:45 IST
Rio Olympic Tennis Centre
General view of the Olympic Tennis Centre in Rio de Janeiro, Brazil

A court in Rio de Janeiro has blocked funding from state lender Caixa Economica Federal [CEF.UL] to the consortium building the Olympic Deodoro complex where 11 sports will be held in August, a source familiar with the matter told Reuters on Tuesday.

News site G1 reported earlier on Tuesday that the suspended funds totaled 128.5 million reais ($35 million). Prosecutors in Rio claim to have found evidence of fraud in earthmoving services at the complex based on documents they have seen, G1 said.

Deodoro is the second-largest cluster of Olympic venues. The Rio prosecutors' office, the regional court, Rio mayor's office and Caixa would not confirm the blocked funds.

($1 = 3.67 reais)

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