Petrobras says it is close to finishing bribery investigation


Petrobras (PBR -1%) is still working on an internal investigation of allegations that it accepted bribes from SBM Offshore, a case which has attracted increased scrutiny recently in Brazil, which is set to hold presidential elections in October.

CEO Maria das Gracas Foster reportedly said last month that the company had begun its investigation the week ended Feb. 16 and was "working to finish it in 30 days," but today she denied giving a hard deadline, saying that it is "very close" to finishing the internal probe and is working to finish it by the end of March.

Brazil's Congress last week voted to create a commission to investigate the bribery accusations in what was seen as a legislative defeat for Pres. Rousseff.

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Comments (1)
  • tonymark1
    , contributor
    Comments (46) | Send Message
     
    I have said in the past if only the Brazilian Gov. was to let the oil companies build the PBR back making money the stock would be in the high numbers not $10.90 a share. This is hard to accomplish with 46% ownership held by the Brazilian Gov. which is the reason this stock fell from $70.00 to $10.28 this is such a pity!

     

    Good Luck & God Bless
    Tony
    19 Mar 2014, 04:24 PM Reply Like
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