State-controlled oil giant Petrobras, which is mired in a corruption scandal that has rocked Brazil, said Monday it was cutting investment by 37% during the 2015-2019 period. Investment during the period will now total $130.3 billion, down from the $220.6 billion originally planned, Petrobras said in a filing with the Sao Paulo Stock Exchange.
Brazil's state-run oil company Petrobras urged a U.S. judge on Thursday to throw out an investors' class action lawsuit claiming a multibillion-dollar bribery scandal overvalued it for years. Speaking at a hearing in federal court in New York, Petrobras lawyer Roger Cooper said the company itself was a victim of the fraud, which he said was orchestrated by a handful of individuals.
One of Brazil's leading weekly magazines, Epoca, has revealed that former president Lula da Silva could be investigated over corruption allegations following on the imprisonment of the Odebrecht Group CEO, (Marcelo Odebrecht) which is one of the country's largest private corporations and employers, and for which Lula did much lobbying and sponsoring for public works projects in Dominican Republic, Cuba, Venezuela and Ghana.
Public support for Brazilian President Dilma Rousseff has slipped to a record low, with her disapproval ratings rising to 65%, according to pollsters Datafolha and published on Sunday. Support for the embattled leader caught by a sliding economy and embroiled in a major graft scandal involving state-owned corporation Petrobras, slumped to 10%.
Brazilian police arrested on Friday Marcelo Odebrecht, the head of Latin America's largest engineering and construction company Odebrecht SA, ensnaring the most high-profile executive to date in the corruption investigation at state-run oil firm Petrobras.
Brazilian state-controlled oil company Petrobras said that the 13.7bn dollars divestment program it unveiled two months ago does not include plans to sell a stake in its service station network.
A Brazilian judge has sentenced a former international director at the country's largest corporation and government managed Petrobras to five years in prison for money laundering, the second company executive convicted in an ongoing corruption probe.
Brazil's state oil giant Petrobras remains Latin America's top company in revenues, but has lost its position as the profit leader after posting record losses last year due to a growing corruption scandal and administrative inefficiencies, according to a new ranking of the region's 500 largest companies from digital publication Latinvex.
Brazil's Supreme Court ordered another engineering executive released from jail on Wednesday, complicating prosecutors' efforts to expand the current corruption investigation at Petrobras.
Brazil's securities industry regulator accused the former board of state-run oil producer Petrobras of setting a fuel pricing policy that misguided investors and hurt the company.