89-628: Odebrecht S.A. ( Brazilian Portuguese: [odɛˈbɾɛ(t)ʃ] ), officially known as Novonor , is a Brazilian conglomerate , headquartered in Salvador , Bahia, Brazil, consisting of diversified businesses in the fields of engineering, construction, chemicals and petrochemicals . The company was founded in 1944 in Salvador by Norberto Odebrecht , and is active in the Americas, the Caribbean, Africa, Europe and
178-429: A market inefficiency , which undervalues the true strength of these stocks. In her 1999 book No Logo , Naomi Klein provides several examples of mergers and acquisitions between media companies designed to create conglomerates to create synergy between them: A relatively new development, Internet conglomerates, such as Alphabet , Google's parent company belong to the modern media conglomerate group and play
267-415: A center-left leader with the desire to help to create a more equitable framework for distributing the wealth from the country's key natural resources, with the goal of maintaining foreign investment and economic growth in the country while working to improve the condition of an impoverished majority. Going into the 5 June runoff election, he was polling in a statistical tie with opponent Keiko Fujimori . He
356-484: A certain point that the Canarian journalist Ramón Pérez Almodóvar would be advising the presidential candidate for the second electoral round, an accusation that was denied by the journalist, although he admitted that he was participating in the campaign. . On 20 May 2006, the day before the first presidential debate between Alan García and Ollanta Humala, a tape of the former Peruvian intelligence chief Vladimiro Montesinos
445-480: A disorienting and demoralizing experience for executives at acquired companies—those who were not immediately laid off found themselves at the mercy of the conglomerate's executives in some other distant city. Most conglomerates' headquarters were located on the West Coast or East Coast , while many of their acquisitions were located in the country's interior. Many interior cities were devastated by repeatedly losing
534-540: A focus in Asia.) In Japan, a different model of conglomerate, the keiretsu , evolved. Whereas the Western model of conglomerate consists of a single corporation with multiple subsidiaries controlled by that corporation, the companies in a keiretsu are linked by interlocking shareholdings and a central role of a bank. Mitsui , Mitsubishi , Sumitomo are some of Japan's best-known keiretsu, reaching from automobile manufacturing to
623-450: A huge fraud inquiry into the state oil company Petrobras after his house was raided by federal police agents. Lula, who left office in 2011, denied allegations of corruption. The long-running inquiry known as Operation Car Wash , probed accusations of corruption and money laundering at Petrobras. Dozens of executives and politicians were arrested or investigated on suspicion of overcharging on contracts with Petrobras and kicking back part of
712-639: A major role within various industries, such as brand management . In most cases, Internet conglomerates consist of corporations that own several medium-sized online or hybrid online-offline projects. In many cases, newly joined corporations get higher returns on investment , access to business contacts, and better rates on loans from various banks. Similar to other industries many companies can be termed as conglomerates. Ollanta Humala Ollanta Moisés Humala Tasso ( Latin American Spanish: [oˈʝanta mojˈses uˈmala ˈtaso] ; born 27 June 1962)
801-719: A master's degree in political science from the Pontifical Catholic University of Peru . In October 2005 Humala created the Partido Nacionalista Peruano (the Peruvian Nationalist Party) and ran for the presidency in 2006 with the support of Union for Peru (UPP). Ambassador Javier Pérez de Cuéllar , the former Peruvian Secretary-General of the United Nations and founder of UPP, told the press on 5 December 2005, that he did not support
890-704: A report from the Brazilian Federal Police implicated Humala as recipient of bribes from Odebrecht , a Brazilian construction company, in exchange of assigned public works. President Humala rejected the implication and has avoided speaking to the media on the matter. During the Peruvian presidential election in February 2016, a report by the Brazilian Federal Police implicated Humala in bribery by Odebrecht for public works contracts. President Humala denied
979-516: A runoff election on 4 June. Humala campaigned in Trujillo, an eminently Aprista city, during the last week of April. Starting in May, he visited the department of Ayacucho and then the city of Puno. On 9 May, he met again with Bolivian President Evo Morales , in the border town of Copacabana and received the support of the aforementioned president. Different Peruvian media opposed to Ollanta Humala, indicated at
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#17328522546021068-625: A small slice of many companies in a fund rather than owning shares in a conglomerate. Another example of a successful conglomerate is Warren Buffett 's Berkshire Hathaway , a holding company which used surplus capital from its insurance subsidiaries to invest in businesses across a variety of industries. The end of the First World War caused a brief economic crisis in Weimar Germany , permitting entrepreneurs to buy businesses at rock-bottom prices. The most successful, Hugo Stinnes , established
1157-447: A statement on 21 March calling for homosexuals to be shot. Ollanta Humala's brother, Ulises Humala , ran against him in the election, but was considered an extremely minor candidate and came in 14th place in the election. On 9 April 2006, the first round of the Peruvian national election was held. Humala came in first place getting 30.62% of the valid votes, and immediately began preparing to face Alan García , who obtained 24.32%, in
1246-681: A subway line in Panama City . On 5 November 2017, the Paradise Papers , a set of confidential electronic documents relating to offshore investment , revealed that Appleby managed 17 offshore companies for Odebrecht and at least one of them was used as a vehicle for the payment of bribes in Operation Car Wash . Some of these offshore companies are publicly known to operate for Odebrecht in Africa and be involved in bribes. Among those involved in
1335-622: A year. On 24 July 2013, with the appointment of three new ministers (Mónica Rubio García in Development and Social Inclusion, Magali Silva in Foreign Trade and Tourism, and Diana Álvarez Calderón in Culture), it was achieved, for the first time in the history of Peru, gender equality in the formation of a ministerial cabinet (9 men and 9 women, apart from the prime minister). On 31 October 2013, César Villanueva , who until then served as president of
1424-419: Is a Peruvian politician and former military officer who served as President of Peru from 2011 to 2016. Originally a socialist and left-wing nationalist , he is considered to have shifted towards neoliberalism and the political centre during his presidency. He is the most recent president to complete a full term. Born to a prominent political family affiliated with the ethnocacerist movement, Humala
1513-472: Is currently China's largest civilian-run conglomerate by revenue. In South Korea , the chaebol is a type of conglomerate owned and operated by a family. A chaebol is also inheritable, as most of the current presidents of chaebols succeeded their fathers or grandfathers. Some of the largest and most well-known Korean chaebols are Samsung , LG , Hyundai Kia and SK . In India, family-owned enterprises became some of Asia's largest conglomerates, such as
1602-434: Is quoted as stating "I want to declare my indignation at the statements" and went on to say "Who benefits from the declarations that stain the honor of Ollanta Humala? Evidently they benefit Alan García". In another message that Montesinos released to the media through his lawyer he claimed that Humala was a "political pawn" of Cuban President Fidel Castro and Venezuelan President Hugo Chávez in an "asymmetric war" against
1691-531: Is the fourth largest petrochemical company in the Americas and the seventeenth in the world. The name Odebrecht has become shorthand for an unprecedented regional bribery scandal. Between 2001 and 2016, Odebrecht paid US$ 788 million in bribes across Latin America. Odebrecht has also been central to the Operation Car Wash scandal. On 19 June 2015, Brazilian authorities arrested the former CEO, Marcelo Odebrecht , in connection with their ongoing probe into bribes paid to
1780-553: Is the son of famed Quechua labour lawyer Isaac Humala . Humala entered the Peruvian Army in 1981, eventually achieving the rank of lieutenant colonel . During his time in the military, he fought in the internal conflict against left-wing terrorist group Shining Path as well as in the Cenepa War with neighboring Ecuador . In October 2000, Humala attempted an unsuccessful coup d'etat against President Alberto Fujimori during
1869-555: The Aditya Birla Group , Tata Group , Emami , Kirloskar Group , Larsen & Toubro , Mahindra Group , Bajaj Group , ITC Limited , Essar Group , Reliance Industries , Adani Group and the Bharti Enterprises . In Brazil the most important conglomerates are J&F Investimentos , Odebrecht , Itaúsa , Camargo Corrêa , Votorantim Group , Andrade Gutierrez , and Queiroz Galvão. In New Zealand, Fletcher Challenge
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#17328522546021958-518: The Congress of Brazil ) Eduardo Cunha ( PMDB - RJ ), was investigated for allegedly receiving more than US$ 40 million in kickbacks and bribes. He was imprisoned in October 2016 and his accounts frozen. Former Minister of Mines and Energy Edison Lobão ( PMDB ) was investigated for receiving more than US$ 50 million in bribes from Petrobras and arrested 19 October 2016 and held in custody due to what
2047-628: The New Left Movement . Humala stated that the opposition would work to "make sure Garcia complies with his electoral promises" and again stated that he would not boycott García's inauguration on 28 July 2006. On 16 August 2006, prosecutors in Peru filed charges against Humala for alleged human rights abuses including forced disappearance , torture, and murder against Shining Path guerillas during his service in San Martín . Humala responded by denying
2136-612: The Union for Peru (UPP), stated that a faction of the UPP would split off from the party after disagreements with Humala to create what Torres calls a "constructive opposition". The split came after Humala called on leftist parties to form an alliance with the UPP to become the principal opposition party in Congress. Humala had met with representatives of the Communist Party of Peru – Red Fatherland and
2225-641: The United States , conglomerates became popular in the 1960s as a form of economic bubble driven by low interest rates and leveraged buyouts. However, many of them collapsed or were broken up in the 1980s due to poor performance, accounting scandals, and antitrust regulation. In contrast, conglomerates have remained prevalent in Asia, especially in China , Japan , South Korea , and India . In mainland China , many state-affiliated enterprises have gone through high value mergers and acquisitions , resulting in some of
2314-572: The highest value business transactions of all time. These conglomerates have strong ties with the government and preferential policies and access to capital. During the 1960s, the United States was caught up in a "conglomerate fad " which turned out to be a form of an economic bubble . Due to a combination of low interest rates and a repeating bear-bull market , conglomerates were able to buy smaller companies in leveraged buyouts (sometimes at temporarily deflated values). Famous examples from
2403-484: The political centre during his presidency. Ollanta Humala expressed sympathy for the regime of Juan Velasco Alvarado , which took power in a bloodless military coup on 3 October 1968, and nationalized various Peruvian industries whilst pursuing a favorable foreign policy with Cuba and the Soviet Union . During his presidential candidacy in 2006 and his run for the presidency that he ultimately won in 2011, Humala
2492-637: The "Colegio Cooperativo La Union," established by part of the Peruvian-Japanese community in Lima. He began his military career in 1980 when he entered the Chorrillos Military School , like his brother Antauro (who had done so a year earlier). In 1983, he was a student at the School of the Americas (SOA), in the cadet combat course. He graduated as an Artillery lieutenant on 1 January 1984, forming part of
2581-605: The "Heroes of Pucará and Marcavalle" class. In 1997, he earned the graduate diploma of PADE in Business Administration from ESAN Graduate School of Business . In 2001, he completed a master's degree at the Center for Higher National Studies (CAEN) in National Defense and in 2002, he successfully completed a master's degree in political science at the Pontifical Catholic University of Peru . In his military career, Humala
2670-465: The "poor and disenfranchised" Peruvians a bigger stake in the rapidly growing national economy, his "mandate for change...[was seen as] a mandate for moderate change"; his moderation was reflected in his "orthodox" cabinet appointees and his public oath on the Bible to respect investor rights, rule of law and the constitution. He was sworn in on 28 July 2011. As part of his "social inclusion" rhetoric during
2759-440: The 1960s include Gulf and Western Industries , Ling-Temco-Vought , ITT Corporation , Litton Industries , Textron , and Teledyne . The trick was to look for acquisition targets with solid earnings and much lower price–earnings ratios than the acquirer. The conglomerate would make a tender offer to the target's shareholders at a princely premium to the target's current stock price. Upon obtaining shareholder approval,
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2848-618: The 1980s, General Electric also moved into financing and financial services , which in 2005 accounted for about 45% of the company's net earnings. GE formerly owned a minority interest in NBCUniversal , which owns the NBC television network and several other cable networks . United Technologies was also a successful conglomerate until it was dismantled in the late 2010s. With the spread of mutual funds (especially index funds since 1976), investors could more easily obtain diversification by owning
2937-534: The Brazilian oil giant, Petrobras . On 7 March 2016, he was sentenced to 19 years and 4 months jail, for paying over US$ 30 million in bribes to executives of Petrobras, in exchange for contracts and influence. That year, the U.S. Department of Justice fined the company $ 2.6 billion in what was the largest corruption case ever prosecuted under the US Foreign Corrupt Practices Act . In June 2019,
3026-569: The Dominican Republic, and 14 people were charged with bribery or money laundering. The Dominican Republic announced in February $ 184 million in fines — twice the amount of its illicit payments to win public works contracts between 2001 and 2014. The attorney-general of Panama has announced that 43 people suspected of involvement in the bribery scandal. Odebrecht is the largest government contractor in Panama, with contracts over 500 million, including
3115-536: The Middle East. Its leading company is Norberto Odebrecht Construtora [ pt ] . Odebrecht S.A. is a holding company for Construtora Norberto Odebrecht S.A., the biggest engineering and contracting company in Latin America, and Braskem , the largest petrochemicals producer in Latin America and one of Brazil's five largest private-sector manufacturing companies. Odebrecht controls Braskem, which by revenue
3204-561: The Regional Government of San Martín, was sworn in as the fourth President of the Council of Ministers of the Humala government. On 24 February 2014, the fifth ministerial cabinet was sworn in, chaired by René Cornejo , who until then had served as Minister of Housing, Construction and Sanitation. After two unsuccessful attempts, this cabinet finally won the vote of confidence in Congress, in
3293-598: The United States, some of the examples are The Walt Disney Company , Warner Bros. Discovery and The Trump Organization (see below). In Canada, one of the examples is Hudson's Bay Company . Another such conglomerate is J.D. Irving, Limited , which controls a large portion of the economic activities as well as media in the Province of New Brunswick . Some cite the decreased cost of conglomerate stock (a phenomenon known as conglomerate discount ) as evidential of these disadvantages, while other traders believe this tendency to be
3382-439: The United States. Montesinos went on to state that Humala "is not a new ideologist or political reformer, but he is an instrument". On 24 May 2006, Humala warned of possible voter fraud in the upcoming second round elections scheduled for 4 June. He urged UPP supporters to register as poll watchers "so votes are not stolen from us during the tabulation at the polling tables." Humala went on to cite similar claims of voting fraud in
3471-411: The accusation and avoided any confrontation with the media on the matter. Under the Humala administration Odebrecht received contracts worth US$ 152 million, in addition to the $ 7.3 billion Southern Gas Pipeline project and $ 60 million in contracts with regional governments in Peru. On 4 March 2016, former Brazilian President Luiz Inácio Lula da Silva was detained and questioned as part of
3560-399: The announcement of Humala's cabinet appointees, who were judged to be moderate and in line with continuity. However he was also said to have inherited "a ticking time bomb of disputes stemming in large part from objections by indigenous groups to the damage to water supplies, crops and hunting grounds wrought by mining, logging and oil and gas extraction" from Alan Garcia . Though he promised
3649-516: The brother of Antauro Humala , who later served a 25-year prison sentence for kidnapping 17 police officers for 3 days and killing 4 of them in the Andahuaylas uprising and whose party Union for Peru was involved in the removal of former President Martín Vizcarra in 2020, and professor Ulises Humala . Humala was born in Peru and attended the French-Peruvian school Franco-Peruano, and later
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3738-458: The campaign, his government, led by Prime Minister Salomon Lerner Ghitis , established the Ministry of Development and Social Inclusion in order to coordinate the efficacy of his social programmes. Lerner Ghitis later resigned on 10 December 2011, and was succeeded by Óscar Valdés Dancuart . On 23 July 2012, Juan Jiménez Mayor became president of a new ministerial cabinet, the third in less than
3827-690: The charge and avoided questions from the media on that matter. In July 2017, Humala and his wife were arrested and held in pre-trial detention following investigations into his involvement in the Odebrecht scandal . On 26 April 2018, by resolution of the Constitutional Court of Peru, he began his process of freedom. Following this, his wife was placed on house arrest while Humala had to report to court monthly. In January 2019, Peruvian prosecutors stated that they had enough evidence to charge Humala and his wife with laundering money from both Odebrecht and
3916-509: The charges and stating that he was "a victim of political persecution". He said the charges were "orchestrated by the Alan Garcia administration to neutralize any alternative to his power". Humala ran again in the Peruvian general election on 10 April 2011, with Marisol Espinoza his candidate for First Vice President and Omar Chehade as Second Vice President. For these elections, he formed
4005-455: The conglomerate usually settled the transaction in something other than cash, like debentures , bonds , warrants or convertible debentures (issuing the latter two would effectively dilute its shareholders down the road, but many shareholders at the time were not thinking that far ahead). The conglomerate would then add the target's earnings to its earnings, thereby increasing the conglomerate's overall earnings per share . In finance jargon,
4094-563: The dying days of his regime; eventually, the Congress of the Republic of Peru granted him amnesty and Humala was allowed to return to military duty. In 2005, Humala entered electoral politics, founding the Peruvian Nationalist Party (PNP) in order to run in the 2006 Peruvian general election . Having received first place in the first round, he faced former centre-left president and Peruvian Aprista Party nominee Alan García in
4183-465: The election of Humala as the party's presidential candidate. He said that after being the UPP presidential candidate in 1995, he had not had any further contact with UPP and therefore did not take part in choosing Humala as the party's presidential candidate for the 2006 elections. There were some accusations that he incurred in torture, under the nom de guerre "Capitán Carlos" ("Captain Carlos"), while he
4272-723: The electoral alliance " Gana Peru ", around the already existing Peruvian Nationalist Party . Later, he signed a political agreement with several left-wing parties such as the Peruvian Communist Party, the Socialist Party , the Revolutionary Socialist Party, the Socialist Voice Political Movement, and an important sector of the Lima for All Political Movement. Humala was in first place in the first round held on 10 April, obtaining 31.72% of
4361-462: The end came in January 1968, when Litton shocked Wall Street by announcing a quarterly profit of only 21 cents per share, versus 63 cents for the previous year's quarter. This was "just a decline in earnings of about 19 percent", not an actual loss or a corporate scandal, and "yet the stock was crushed, plummeting from $ 90 to $ 53". It would take two more years before it was clear that the conglomerate fad
4450-751: The examples are Adamjee Group , Dawood Hercules , House of Habib , Lakson Group and Nishat Group . In the Philippines , the largest conglomerate of the country is the Ayala Corporation which focuses on malls , bank , real estate development , and telecommunications . The other big conglomerates in the Philippines included JG Summit Holdings , Lopez Holdings Corporation , ABS-CBN Corporation , GMA Network, Inc. , MediaQuest Holdings , TV5 Network, Inc. , SM Investments Corporation , Metro Pacific Investments Corporation , and San Miguel Corporation . In
4539-407: The first round made by right-wing National Unity candidate Lourdes Flores when she told reporters that she felt she had "lost at the tabulation tables, not at the ballot box". When asked if he had proof for his claims by CPN Radio Humala stated "I do not have proof. If I had the proof, I would immediately denounce those responsible to the electoral system". Alan García responded by stating that Humala
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#17328522546024628-540: The government of Venezuela. In May 2019, the Prosecutor's Office requested 20 years in prison for him and 26 years for his wife, Nadine Heredia. The process also reaches several relatives close to the former presidential partner. The case is in prosecution control. Ollanta Humala was investigated under restricted appearance, allegedly accused of money laundering to the detriment of the State and of illicit association to commit
4717-513: The group filed for bankruptcy, seeking to restructure US$ 13 billion in debt. They eventually filed for Chapter 15 bankruptcy just two months later on August 26, 2019. The group changed its name to Novonor in December 2020. In July 2022, an agreement between Novonor and Marcelo Odebrecht was signed, with the agreement, Marcelo ceases to be a shareholder in the company and ends a legal battle that started in 2020. Norberto Odebrecht Construtora Ltda.,
4806-714: The headquarters of corporations to mergers, in which independent ventures were reduced to subsidiaries of conglomerates based in New York or Los Angeles. Pittsburgh, for example, lost about a dozen. The terror instilled by the mere prospect of such harsh consequences for executives and their home cities meant that fending off takeovers, real or imagined, was a constant distraction for executives at all corporations seen as choice acquisition targets during this era. The chain reaction of rapid growth through acquisitions could not last forever. When interest rates rose to offset rising inflation, conglomerate profits began to fall. The beginning of
4895-465: The influential opposition newspaper La República calling him "valiant and decisive, unlike most in Peru". The newspaper also had many letters sent in by readers with accolades to Ollanta and his men. In the aftermath, the Army sent hundreds of soldiers to capture the rebels. Even so, Humala and his men managed to hide until President Fujimori was impeached from office a few days later and Valentín Paniagua
4984-403: The justice department of Paraná state called "a concrete possibility of flight given his access to hidden resources abroad, as well as double nationality." In February 2016, amidst the Peruvian presidential race, a report from the Brazilian Federal Police implicated Peruvian president Ollanta Humala as a recipient of bribes from Odebrecht in exchange for public works contracts. Humala rejected
5073-471: The last 20 years, to obtain benefits in public contracting . Conglomerate (company) A conglomerate ( / k ə ŋ ˈ ɡ l ɒ m ə r ə t / ) is a type of multi-industry company that consists of several different and unrelated business entities that operate in various industries. A conglomerate usually has a parent company that owns and controls many subsidiaries , which are legally independent but financially and strategically dependent on
5162-407: The money for bribes and electoral campaign donations. Police said they had evidence that Lula, 70, received illicit benefits from the kickback scheme. Lula's institute said in a statement that "violence" against the former president was "arbitrary, illegal and unjustifiable", as he had been co-operating with the investigations. Lula was charged with money laundering and corruption and after his appeal
5251-503: The most powerful private economic conglomerate in 1920s Europe – Stinnes Enterprises – which embraced sectors as diverse as manufacturing, mining, shipbuilding, hotels, newspapers, and other enterprises. The best-known British conglomerate was Hanson plc . It followed a rather different timescale than the U.S. examples mentioned above, as it was founded in 1964 and ceased to be a conglomerate when it split itself into four separate listed companies between 1995 and 1997. In Hong Kong, some of
5340-652: The new businesses they had recently purchased, and by the mid-1970s most conglomerates had been reduced to shells. The conglomerate fad was subsequently replaced by newer ideas like focusing on a company's core competency and unlocking shareholder value (which often translate into spin-offs ). In other cases, conglomerates are formed for genuine interests of diversification rather than manipulation of paper return on investment. Companies with this orientation would only make acquisitions or start new branches in other sectors when they believed this would increase profitability or stability by sharing risks. Flush with cash during
5429-799: The operation who are named in the papers are Marcelo Odebrecht, his father Emílio Odebrecht, and his brother Maurício Odebrecht. The Odebrecht Case is one of the largest corruption cases in recent Latin American history, spanning more than 30 years. It is based on an investigation by the United States Department of Justice, along with 10 other Latin American countries, into the company. This investigation detailed how Odebrecht would have made bribes to presidents, former presidents and government officials of 12 countries: Angola, Argentina, Brazil, Colombia, Ecuador, United States, Guatemala, Mexico, Mozambique, Panama, Peru, Dominican Republic and Venezuela, during
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#17328522546025518-731: The parent company. Conglomerates are often large and multinational corporations that have a global presence and a diversified portfolio of products and services. Conglomerates can be formed by merger and acquisitions , spin-offs , or joint ventures . Conglomerates are common in many countries and sectors, such as media , banking , energy , mining , manufacturing , retail , defense , and transportation . This type of organization aims to achieve economies of scale , market power, risk diversification , and financial synergy. However, they also face challenges such as complexity, bureaucracy , agency problems, and regulation . The popularity of conglomerates has varied over time and across regions. In
5607-494: The parliament censured the cabinet chaired by Julio Óscar Trelles Montes. The argument used against Jara was the monitoring of politicians, businessmen and journalists by the National Intelligence Directorate (DINI). Pedro Cateriano replaced Jara as Prime Minister on 2 April 2015. Originally considered to be a socialist and left-wing nationalist , he is considered to have shifted towards neoliberalism and
5696-450: The privately owned precursor to Odebrecht S.A, was founded in 1944 by Norberto Odebrecht . In the late 1970s and early 80s, Odebrecht began to expand internationally and diversify its business. In 1980, CBPO, another Brazilian contractor, merged with Odebrecht, and in 1981, Odebrecht S.A. was created. In 2002, Odebrecht established Braskem, a petrochemical company that went on to become Latin America's largest. In 2007, Odebrecht Agroindustrial
5785-714: The production of electronics such as televisions. While not a keiretsu, Sony is an example of a modern Japanese conglomerate with operations in consumer electronics , video games , the music industry , television and film production and distribution , financial services , and telecommunications . In China, many of the country's conglomerates are state-owned enterprises , but there is a substantial number of private conglomerates. Notable conglomerates include BYD , CIMC , China Merchants Bank , Huawei , JXD , Meizu , Ping An Insurance , TCL , Tencent , TP-Link , ZTE , Legend Holdings , Dalian Wanda Group , China Poly Group , Beijing Enterprises , and Fosun International . Fosun
5874-469: The range of one to two percent of the cost of a project." They run RPA SU MADR at the Executives running Odebrecht's bribery division secretly bought a majority share of Meinl Bank and used it to transfer funds to politicians' offshore accounts. Prime Minister Gaston Browne denied receiving a bribe from Odebrecht in January 2016. At least $ 92 million of the bribes Odebrecht has admitted making were paid in
5963-503: The rebellion was the capture of Vladimiro Montesinos , former intelligence chief who had fled Peru for asylum in Panama after being caught on video trying to bribe an opposition congressman. The return of Montesinos led to fears that he still had much power in Fujimori's government, so Humala and about 40 other Peruvian soldiers revolted against their senior army commander. Montesinos claims that
6052-462: The requested amnesty, which was extended to military and civilian personnel who participated in the insurrection and Humala was allowed to return to military duty. He was sent as military attaché to Paris, then to Seoul until December 2004, when he was forcibly retired. His forced retirement is suspected to have partly motivated an etnocacerista rebellion of Andahuaylas led by his brother Antauro Humala in January 2005. In 2002, Humala received
6141-412: The second round, ultimately losing by a narrow margin. His campaign received widespread international attention in 2006 given the pink tide in Latin America. In the 2011 Peruvian general election , he narrowly defeated Keiko Fujimori in the runoff. To assuage fears of potential radical policies, Humala began his term by choosing centrists for positions in his cabinet . Humala's unpopular presidency
6230-619: The session held on 17 March. On 22 July 2014 René Cornejo resigned, being replaced by Ana Jara Velásquez , who until then was the head of the Ministry of Labor and Employment Promotion, an office that was taken over by the ruling congressman Fredy Otárola Peñaranda . With only these changes, the sixth cabinet of the government of President Humala was sworn in. On 30 March 2015, the full Congress censured Prime Minister Ana Jara and her entire cabinet, with 72 votes in favor, 42 against and 2 abstentions. Something similar had not happened since 1963, when
6319-431: The total valid votes. Because he did not manage to exceed 50% of the valid votes, he went on to a second round with the candidate Keiko Fujimori , which took place on 5 June. On 19 May, at National University of San Marcos and with the support of many Peruvian intellectuals and artists (including Mario Vargas Llosa with reservations), Ollanta Humala signed the "Compromiso en Defensa de la Democracia". He campaigned as
6408-406: The transaction was " accretive to earnings." The relatively lax accounting standards of the time meant that accountants were often able to get away with creative mathematics in calculating the conglomerate's post-acquisition consolidated earnings numbers. In turn, the price of the conglomerate's stock would go up, thereby re-establishing its previous price-earnings ratio, and then it could repeat
6497-418: The uprising facilitated his concurrent escape. Many of Humala's men deserted him, leaving him only 7 soldiers. During the revolt, Humala called on Peruvian "patriots" to join him in the rebellion, and around 300 former soldiers led by his brother Antauro answered his call and were reported to have been in a convoy attempting to join up with Humala. The revolt gained some sympathy from the Peruvian populace with
6586-455: The vote, finishing in 13th place. Humala was born in Lima, Peru on 27 June 1962. His father Isaac Humala , who is of Quechua ethnicity , is a labour lawyer, member of the Communist Party of Peru – Red Fatherland , and ideological leader of the Ethnocacerista movement. Ollanta's mother is Elena Tasso, from an old Italian family established in Peru at the end of the 19th century. He is
6675-425: The well-known conglomerates include Jardine Matheson (AD1824), Swire Group (AD1816), (British companies, one Scottish one English; companies that have a history of over 150 years and have business interests that span across four continents with a focus in Asia.) C K Hutchison Whampoa (now CK Hutchison Holdings ), Sino Group , (both Asian-owned companies specialize business such as real estate and hospitality with
6764-663: The whole process with a new target. In plain English, conglomerates were using rapid acquisitions to create the illusion of rapid growth. In 1968, the peak year of the conglomerate fad, U.S. corporations completed a record number of mergers: approximately 4,500. In that year, at least 26 of the country's 500 largest corporations were acquired, of which 12 had assets above $ 250 million. All this complex company reorganization had very real consequences for people who worked for companies that were either acquired by conglomerates or were seen as likely to be acquired by them. Acquisitions were
6853-542: Was "crying fraud" because the polls show him losing the second round. On 4 June 2006, the second round of the Peruvian elections were held. With 77% of votes counted and Humala behind García 45.5% to 55.5% respectively, Humala conceded defeat to Alan García and congratulated his opponent's campaign stating at a news conference "we recognise the results...and we salute the forces that competed against us, those of Mr Garcia". On 12 June 2006, Carlos Torres Caro , Humala's vice presidential running mate and elected Congressman for
6942-584: Was President, I would grant amnesty to him ( Abimael Guzmán ) and the other incarcerated members of the Shining Path ". He made similar statements about amnesty for Víctor Polay , the leader of the Túpac Amaru Revolutionary Movement , and other leaders of the MRTA. But Ollanta Humala distanced himself from the more radical members of his family during his campaign. Humala's mother, meanwhile, made
7031-707: Was also involved in the two major Peruvian conflicts of the past 20 years, the battle against the insurgent organization Shining Path and the 1995 Cenepa War with Ecuador . In 1991, with the rank of captain, Humala served in Tingo María , Huanuco fighting the remnants of the Shining Path and in 1995 he served in the Cenepa War on the border with Ecuador. In October 2000, Humala led an uprising in Toquepala against Alberto Fujimori on his last days as president due to multiple corruption scandals. The main reason given for
7120-471: Was closely affiliated with other pink tide leaders in Latin America in general and South America in particular. Prior to taking office in 2011, he toured several countries in the Americas where he notably expressed the idea of re-uniting the Peru–Bolivian Confederation . He also visited Brazil, Colombia, the United States, and Venezuela. In February 2016, amidst the Peruvian presidential race,
7209-441: Was dominated by corruption scandals surrounding him and his politically influential wife Nadine Heredia . Environmentalists were highly critical of Humala's mining policies, and argued that he reneged on his campaign promise to rein in mining companies. In 2017, Humala was arrested by Peruvian authorities on corruption charges. Humala attempted a political comeback in the 2021 presidential election , but only received 1.5% of
7298-508: Was elected the 94th president of Peru with 51.5% of the vote. Three days after his election, Humala undertook a Latin American tour to meet with the heads of state of Brazil, Uruguay, Paraguay, Argentina, Chile, Bolivia, Ecuador, Colombia, the United States, Venezuela, Mexico and Cuba. After the news of the election of Ollanta as president the Lima Stock Exchange experienced its largest drop ever, though it later stabilised following
7387-522: Was established to produce ethanol , sugar, and energy. The Treasurer of the Brazilian Workers' Party , João Vaccari Neto , was arrested in 2015 for allegedly receiving "irregular donations", and José Dirceu , former chief of staff for President Luiz Inácio Lula da Silva , was arrested for orchestrating a large part of the scandal, also in 2015. Speaker of the Chamber of Deputies ( lower house of
7476-462: Was formed in 1981 from the merger of Fletcher Holdings , Challenge Corporation, and Tasman Pulp & Paper, in an attempt to create a New Zealand-based multi-national company. At the time, the newly merged company dealt in construction, building supplies, pulp and paper mills, forestry, and oil & gas. Following a series of bungled investments, the company demerged in the early 2000s to concentrate on building and construction. In Pakistan , some of
7565-556: Was named interim president. Finally, on 10 December, both brothers surrendered, being transferred to Lima, where they surrendered to the Second Judicial Zone of the country. The opening of the process was ruled for rebellion, sedition and insult to the superior. The lawyer Javier Valle Riestra requested an amnesty for the Humala, alleging that they had exercised the "right to insurrection against an illegitimate and totalitarian government." On 21 December 2000, Congress granted them
7654-487: Was on its way out. The stock market eventually figured out that the conglomerates' bloated and inefficient businesses were as cyclical as any others—indeed, it was that cyclical nature that had caused such businesses to be such undervalued acquisition targets in the first place —and their descent put "the lie to the claim that diversification allowed them to ride out a downturn." A major selloff of conglomerate shares ensued. To keep going, many conglomerates were forced to shed
7743-498: Was released by Montesinos' lawyer to the press with Montesinos claiming that Humala had started the 29 October 2000 military uprising against the Fujimori government to facilitate his escape from Peru amidst corruption scandals. Montesinos is quoted as saying it was a "farce, an operation of deception and manipulation". Humala immediately responded to the charges by accusing Montesinos of being in collaboration with García's Aprista Party with an intention to undermine his candidacy. Humala
7832-514: Was the commander of a military base in the jungle region of Madre Mia from 1992 to 1993. His brother Antauro Humala stated in 2006 that Humala had used such a name during their activities. Humala, in an interview with Jorge Ramos , acknowledged that he went under the pseudonym Captain Carlos but stated that other soldiers went under the same name and denied participation in any human rights abuses. On 17 March 2006, Humala's campaign came under some controversy as his father, Issac Humala, said "If I
7921-605: Was unsuccessful was arrested in 2018. He would later be released in November 2019 by a Supreme Federal Court ruling. According to a 2021 study, "Odebrecht paid bribes for two reasons: to tailor the terms of the auction in its favor, as well as to obtain favorable terms in contract renegotiations. In projects where Odebrecht paid bribes, costs increased by 70.8 percent on average, compared with 5.6 percent for projects with no bribes. We also find that bribes and profits made from bribing were smaller than documented in most previous studies, in
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