January 11 2016
Brazil’s federal tax authority and prosecutors are investigating 13 foreign and local banks for possible financial crimes intermediating loans to Brazilian engineering conglomerate Grupo Schahin, newspaper O Estado de S. Paulo reported Monday.
The banks under investigation include Itaú BBA — the investment-banking unit of Itaú Unibanco Holding SA, — Banco Bradesco SA, Banco Santander SA, HSBC Holdings Plc, Deutsche Bank AG, Banco Votorantim SA and other smaller Brazilian institutions, Estado reported, citing a tax office document.
The authorities are investigating whether the banks could be accused of money laundering for being originators, underwriters or managers of loans to Schahin.