Brazil - 01

Brazil: Congress Likely to Block Janot’s Parting Shot at Temer

Janot’s new criminal charges against Temer and a number of the latter’s closest aides derive from the previous findings linked to the JBS scandal. In these new charges, Temer is accused of obstruction of justice and organized crime. Janot claims that Temer led a criminal organization that sought to extract illegal financial concessions from a

Brazil - 03

Brazil: Nullification of JBS Plea Bargain: Impact on Lava Jato Investigations

On 4 September, Brazil’s Attorney General Rodrigo Janot announced that executives of business conglomerate JBS had hidden crucial audiotapes from the authorities, which could result in their plea bargain being nullified. Although the new audiotapes have not been made public, Janot stated that the content of the recordings are “extremely serious” and that an investigation

Brazil - 09

Brazil: Pledge to Privatize Eletrobras Underscores Meirelles’ Presidential Ambitions

The announced privatization of Eletrobras surprised markets, causing the company’s shares to soar 50%. Brazil’s government has stated that it will no longer control the company in 2018, although the method of privatization and how much of the government’s 51% voting stake will be sold remain unclear. The company operates throughout the supply chain, with

Brazil - 04

Brazil: Temer Breathes Easier as Congress Blocks Criminal Charge

Last week, the Chamber of Deputies voted to prevent the corruption charge against Temer from advancing to the Supreme Court for consideration. 263 deputies voted in favor of Temer, while 227 voted against him. (At least two thirds of the lower house was required in order to push the criminal charge forward.) Ever since the

Brazil - 02

Brazil: Possible IPO for Petrobras’ Distribution Unit: Opportunity Outweighs Controversy

On 22 June Petrobras CEO Pedro Parente stated that he will soon ask the board to deliberate on an IPO for the company’s distribution arm, BR Distribuidora. In statements later divulged in the local press, Parente stressed that the timing seems right for the move, given the significant number of IPOs in Brazil this year.

Brazil - 03

Brazil: Temer Charged with Corruption: Political and Economic Implications

This week the Attorney General’s Office filed a criminal charge against President Temer, of the Brazilian Democratic Movement Party (PMDB), for involvement in corruption. According to Attorney General Rodrigo Janot (see our Personality of the Week), there is sufficient evidence to prove that Temer took part in a bribery scheme through Rodrigo Rocha Loures, another

Brazil - 09

Brazil: Superior Electoral Tribunal Acquits Temer, but Further Challenges Loom

Temer was on trial for illegal campaign financing accusations that surfaced in 2014, when he was vice president during Dilma Rousseff’s presidency. But while the TSE acquittal is an important lifeline for Temer in his fight to keep the presidency, the trial was only one of several judicial threats that he must face in the

Brazil - 02

Brazil: New Elections Before 2018?

Information leaked by the local press over the last week and a half has shown that President Michel Temer allegedly appears 43 times in the plea-bargain testimony of Claudio Melo Filho, a former director of institutional relations at construction conglomerate Odebrecht. Melo Filho is one of dozens of Odebrecht executives who have struck a plea-bargain

Brazil 6

Brazil: After Rousseff’s Impeachment: Prospects for Reform and Political Stability

On 31 August, after months of political wrangling, the Senate voted overwhelmingly in favor of impeaching Dilma Rousseff. Interim President Michel Temer of the Brazilian Democratic Movement Party (PMDB) will now take over the presidency until the next national elections scheduled for October 2018. Although Rousseff’s ousting was largely expected, Senate chairman and PMDB member

Brazil - 04

Brazil: Indications of Local Content Changes

According to an article published in newspaper O Estado de Sao Paulo on 26 August, Marcio Felix, the secretary of oil and gas in the Ministry of Mines and Energy, stated that the Brazilian government will soon reduce local content requirements for companies operating in the oil and gas sector. “There will not be exploration