Brazil - 04

Brazil: Congressional Investigation of Petrobras Indicates Sliding Confidence in Rousseff

Petrobras CEO Maria das Gracas Foster announced on 18 February that the company will begin an internal audit to follow up on bribery allegations against some of its employees. According to recent local press reports, Petrobras received illegal payments from the Dutch company SBM Offshore for preferential treatment in the leasing of floating oil platforms. Gracas Foster said the auditors will have 30 days to conclude the investigations and present initial findings.

After facing a series of corruption charges and economic underperformance, 2013 was one of Petrobras’ most complicated years in recent history. Over the past few months, the company has been accused of paying an exorbitant price for a refinery in Texas, of possible remittances evasion and, most recently, of charging private partners a fee that was distributed among government allies, specifically members of the Brazilian Democratic Movement Party (PMDB). Investigations surrounding these accusations are ongoing….

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