Brazil's development bank admits losses of 800m dollars on Petrobras stock

Tuesday, March 31st 2015 - 12:08 UTC

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BNDES bank which lends to underpin major projects across a range of sectors, said it posted a liquid profit of 8.594 billion Reais (2.7bn dollars)

Brazil's state-run National Development Bank posted healthy profits Monday, but indicated losses of some 800 million dollars on its stock in Petrobras, whose market value has plunged on a graft scandal and lower oil prices.

The BNDES bank, which lends to underpin major projects aimed at social development across a range of sectors, said it posted a liquid profit of 8.594 billion Reais (2.7bn dollars), up 5.44% for the third best result in its 63-year history.

But the result was marred by its exposure to a political kickbacks scandal at Petrobras, with dozens of politicians and officials from some of Brazil's biggest firms under investigation for a scheme that allegedly skimmed some 3.8 billion dollars over a decade.

In a statement, BNDES put its Petrobras-related loss at 800 million.

The scandal, which has rocked the government, has wiped tens of billions of dollars off Petrobras' market value and forced it to delay publishing externally audited accounts from last year.

BNDES loans have allowed Brazilian construction firms to roll out major infrastructure projects across Latin America -- but many of the companies are now embroiled in the Petrobras scandal.

Categories: Economy, Brazil.

Tags: BNDES National Development Bank, Brazil, Brazil economy.

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yankeeboy
Bahahahahaha

And its only begun.
Mar 31st, 2015 - 03:21 pm 0
Tik Tok
BNDES takes Brazilian taxpayers money and lends it out to companies at rates way lower than the market. The Brazilian taxpayer gets shafted. Private companies can get funding from private financiers. The taxpayers money could earn far higher returns and pay for schools, hospitals and more security. Dirty filthy socialist Government scum have turned the BNDES into securing more power like funding JBS which then in turn donates huge amounts to the political party. It's a corrupt scheme that robs the Brazilian, yet most don't even know they and their country are being fleeced.
Mar 31st, 2015 - 03:28 pm 0
Briton
First it was- Venezuela
2nd came Argentina
Followed by Brazil,
Whose next,
Mar 31st, 2015 - 08:04 pm 0

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