Brazilian police on Thursday detained the President of Gerdau Steel as part of a sweeping investigation into alleged tax fraud by a number of Brazilian companies. Police said Gerdau President and Chief Executive Office André Gerdau will be questioned in the case and then released. Police detained 21 other persons in connection with the probe Thursday. They too will be questioned and released, police said. Police also executed 18 search warrants on offices belonging to Gerdau and other companies. Police are investigating allegations that Gerdau and other companies conspired with government officials to annul orders to pay back taxes and fines. Gerdau is one of Brazil’s largest steel companies. It is also the country’s most diverse and globalized steel-makers.
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