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Petrobras corruption losses may be larger than estimated, prosecutor says

  • Brazilian prosecutors say Petrobras’ (PBR +2.4%) official estimates for losses it has suffered from the corruption scandal are too low, which Financial Times says may mean the company will need to adjust its 2014 financial statements.
  • PBR told investors in April during the release of its 2014 statements that it estimated losses directly related to corruption at 6.2B reals, but one of the prosecutors working on the case says the group has "no doubt that the losses are significantly larger" the announced amount.
  • The prosecutor’s statement likely will raise concerns among investors that more bad news may remain for PBR's accounts from the scandal.

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Petróleo Brasileiro S.A. - Petrobras