Ford On List Of Companies Suspected Of Brazilian Tax Fraud

So it goes. Brazil can't cut a break. And now its biggest bellwether companies and subsidiaries of at least two major multinationals are being investigated by tax authorities for allegedly paying bribes in order to clear debts with the tax man.

On the list include Ford Motor Company and Spanish lender Santander, which has a separate publicly traded entity listed in Brazil.   Banco Santander Brasil appeared with the biggest tax bill under investigation, at a total of R$3.3 billion ($1 billion). Ford Motor Company was the only American company on the list. It is being investigated for possible fraud estimated at R$1.7 billion.

Local companies dominate the list of companies suspected to have avoided taxes through various bribery schemes, according to leaked telephone conversations that constitute part of Brazil's latest sting: Operation Zelotes.

The companies told the local Estadao de São Paulo newspaper that they were not aware of the charges.

Tax authorities put losses over $5 billion.

Steelmaker Gerdau is being investigated for trying to annul tax debts of roughly R$1.2 billion. Banco Safra, owned by the billionaire Safra family in Brazil, allegedly was caught bribing officials to avoid payment of R$767 million. Other banks include Bradesco and its brokerage arm, Bradesco Seguros.

No stranger to corruption allegations these days, oil giant Petrobras is on the list for fraud involving payments of a small R$53 million.

The investigation has been on going since 2005.

Operation Zelotes' Top 10

This is not a Top 10 list you want to be on. All of these companies are under investigation for taking part in various tax bribery schemes. Follows is the amount they allegedly avoided paying as a result.

Santander: R$3.3 billion

Bradesco: R$2.7 billion

Ford: R$1.7 billion

Gerdau: R$1.2 billion

Light: R$929 million

Banco Safra: R$767 million

RBS: R$672 million

Camargo Correa: R$668 million

Mitsubishi: R$505 million

Banco Industrial*: R$436 million

*Carlos Alberto Mansur, CEO and Chairman of the Board of Banco Industrial appears on the list, not the company.