Petrobras News & Updates

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”. [button link=”http://www.theguardian.com/world/2015/jul/10/brazil-petrobas-lawsuit-corruption-scheme-shareholders-us” window=”yes”]Read the Full Article Here[/button]

Bloomberg: A lawyer demanding billions of dollars from Petroleo Brasiliero SA for investors claimed victory in a fight with the Brazilian oil giant over whether they can pursue their suit, saying a judge has refused to completely throw it out. The company said in a separate statement that the judge threw out some claims related…

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.   [button link=”http://www.bbc.com/news/business-32422875″ window=”yes”]Read the…

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…