Brookfield Asset management faces bribery probe

Canadian investment company Brookfield Asset Management is reported to be under investigation by the US Securities & Exchange Commission over allegations that its Brazilian business may have paid bribes to win construction permits.

Brookfield Brasil Shopping Centres is alleged to have paid US$ 663,000 in bribes to officials in Paulistia, Pernambuco, Brazil, to win permits for the developing of a shopping centre.

Brookfield is reported to have vigorously denied any wrongdoing in the case.