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Brazil police arrest another former Petrobras executive

  • Brazil’s federal police have arrested another former Petrobras (PBR +1.8%) executive as part of an investigation into a broader corruption scandal surrounding the company.
  • Police arrested Jorge Zelada, the company's director of international operations during 2008-2012; he replaced Nestor Cerveró, who has been convicted of money laundering and sentenced to five years in prison for his role in the widening scandal.
  • Prosecutors allege Zelada took bribes from suppliers seeking contracts with PBR and hid some of that money offshore; he is the fourth former PBR exec to be arrested on allegations of bid rigging and bribery.

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Petróleo Brasileiro S.A. - Petrobras