Petrobras News & Updates

Petro Global News article: Investment giant Pacific Investment Management Co. (Pimco) has filed a lawsuit against Brazil’s Petrobras for allegedly knowing about a corruption scheme that has rocked the company and landed several executives in jail. According to the Wall Street Journal, the suit was filed last Friday in the Southern District Court of New…

IBTimes Article:  The ongoing investigation into who benefited from political payoffs from Brazil’s state-owned oil giant Petrobras has netted former Brazilian President Luiz Inacio Lula da Silva,  The country’s high court ruled late Friday the former leader of the work’s seventh-largest economy can be interrogated by police about his possible involvement in the kickback scandal…

Forbes Article: Welcome to the party, Bill Gates and Melinda Gates. The billion-dollar couple has joined a chorus of shareholders suing Brazilian oil giant Petrobras over a corruption scandal that has reduced the value of  Petrobras stock by 88% over the last five years. The power couple’s philanthropic organization, the famed Gates Foundation Trust, has lost…

New York Times Article:  Alberto Youssef, a convicted money launderer and former bon vivant, sat in a Brazilian jail cell in March of last year, getting ready to tell his lawyers a story. It was about an elaborate bribery scheme involving  Petrobras, the government-controlled oil giant. He opened with a dire prediction. “Guys,” Mr. Youssef…

The Guardian Article:  A US judge has told Petrobras bosses to prepare for a $98bn lawsuit over allegations that executives at the Brazilian oil company and senior politicians were involved in a huge money-laundering and corruption scheme dubbed “Operation Carwash”. Read the Full Story

BBC Article: Brazil’s state-run oil company, Petrobras has taken a $2bn (£1.3 bn) charge for costs related to corruption.  The company has published accounts for last year showing an overall loss of $7.2bn.  The company’s results also included an impairment charge of $14.8bn reflecting the decreased value of its assets. Read the Full Story

The Economist Article:  Nearly as ominous as the economic cloud hovering over Dilma Rousseff is the scandal surrounding Petrobras, the state-controlled oil company.  It nearly cost her re-election, and could yet spoil her second term as Brazil’s president. The affair began in March, when federal police arrested Paulo Roberto Costa, Petrobras’s chief of refining from…