Former Mendes Junior VP Convicted in Petrobras Case
The federal judge handling the Petrobras corruption cases sentenced the former vice president of Brazilian engineering firm Mendes Junior to 19 years and four months in prison for his role in the massive kickback scheme. Judge Sergio Moro convicted Sergio Cunha Mendes of corruption, money laundering and racketeering for the payment of 31.5 million reais ($8.3 million) in bribes to obtain contracts with state-run oil company Petroleo Brasileiro.
Petrobras 2009 Braskem Deal Had Issues
Brazil's state-run oil firm Petrobras confirmed on Tuesday it had found irregularities in the approval of a 2009 contract to provide naphtha to petrochemical company Braskem SA and had reported the issue to public prosecutors. Petrobras, or Petroleo Brasileiro SA, said in a securities filing that it began investigating the contract based on plea deal testimony from former…
First Petrobras Scandal Convictions Announced
Three executives of Brazil's Camargo Correa group were convicted on Monday of money laundering, corruption and other charges, the first construction-industry executives to be sentenced in a giant price fixing and bribery scandal involving state-run oil company Petrobras. Dalton dos Santos Avancini, chief executive officer of Camargo Correa Construções e Participações SA…
Former Petrobras Executive Gets Five Year Sentence
A Brazilian judge sentenced a former international director at state-run oil firm Petroleo Brasileiro SA to five years in prison for money laundering on Tuesday, the second company executive convicted in an ongoing corruption probe. Federal Judge Sergio Moro said there was ample evidence that the former director, Nestor Cervero, set up a front company to launder money. He also used illicit money to buy a luxury apartment in Rio de Janeiro, the judge said.
Former Petrobras Exec Sentenced to 5 Years Jail
A Brazilian judge sentenced a former international director at state-run oil firm Petroleo Brasileiro SA to five years in prison for money laundering on Tuesday, the second company executive convicted in an ongoing corruption probe. Federal Judge Sergio Moro said there was ample evidence to support charges by prosecutors that the former director, Nestor Cervero, used bribe money stolen from the company to buy a luxury apartment in Rio de Janeiro.
Former Petrobras Exec Costa Convicted in Corruption Case
A Brazilian judge convicted a former Petrobras executive on Wednesday of money laundering and racketeering for his role in the massive kickback scandal engulfing the state-run oil company, but he will only serve one year of house arrest. Petrobras' former director of refining and supply, Paulo Roberto Costa, who named many of those implicated in the widening corruption scandal in a plea bargain deal with prosecutors…
Former Petrobras Director Re-Arrested
Brazilian police arrested a former Petroleo Brasileiro SA executive on Monday, in a broad kickback and money laundering investigation that has rattled some of the nation's biggest companies and political parties. Former services director Renato Duque, who had already been detained for three weeks late last year as part of the so-called "Operation Car Wash", was arrested by Brazilian federal police at his house in Rio de Janeiro, TV Globo said.
Another Former Petrobras Executive Arrested
Brazilian police early on Wednesday arrested another former executive at state-run oil company Petroleo Brasileiro SA after prosecutors accused him of continued involvement in corruption and money laundering. Nestor Cervero, former international director of the company known as Petrobras, was detained at Rio de Janeiro's international airport as he returned from a trip to London, prosecutors said in a statement.
Failure to Stop Petrobras Scandal Could Haunt Rousseff
When federal investigators first identified signs of corruption at Petrobras in 2009, Dilma Rousseff insisted Brazil's state-run oil company had nothing to hide. "Petrobras has one of the most accurate accounting standards in the world," said Rousseff, who was then chairwoman of its board and is now Brazil's president. Today, it's clear her confidence was misplaced. Petrobras now acknowledges it overpaid on contracts for years.
Petrobras Graft Involves at Least 28 Politicians
At least 28 Brazilian politicians, including government ministers, governors and congressional leaders, allegedly received money from a corruption scheme that diverted funds from state-run oil company Petrobras, Estado de S. Paulo newspaper reported on Friday, citing testimony from a key witness. The list includes eight members of the ruling Workers' Party (PT), eight from the Brazilian Democratic Movement Party (PMDB)…
Brazilian Lawmakers Urge Indictments in Petrobras Scandal
A congressional committee investigating a mushrooming corruption scandal at Brazil's state-run oil company Petroleo Brasileiro SA recommended on Thursday that prosecutors bring charges against 52 people for alleged money laundering and racketeering. The committee made its non-binding recommendation in a report approved in a 19-12 vote. It now goes before the two houses of Congress for debate and a final vote.
Petrobras' Condensed Report for 3Q, 2014
iii) Knowledge by Petrobras, the December 3, 2014, the statements given in the context of the collaboration agreement awarded Mr. Julio Gerin de Almeida Camargo (Toyo Group) and Mr. iv) Citation Petrobras, the December 9, 2014, relating to collective action (class action) filed by Mr. Peter Kaltman court in the US (United States District Court, Southern District of New York). We believe that other actions possibly be consolidated with the action of Mr.
Tenacious Brazilian Judge Oversees Petrobras Probe
In a country where big court cases often drag on for a decade or more and abruptly fall apart on technicalities, the man leading a bribery probe at Brazil's state-run oil firm Petrobras is described by allies and even rivals as perfectly suited to the task. Meticulous, formal and reserved, federal judge Sergio Moro has successfully presided over high-profile money laundering cases for 11 years…
Petrobras Vows Graft Probe; May Take Writedown
Brazil's state-run oil company Petroleo Brasileiro SA vowed on Monday to fully investigate a graft scandal that has knocked its shares lower and saddled President Dilma Rousseff's government with its biggest political crisis. In their first public comments since a former Petrobras executive was arrested in connection with the scandal last Friday, Chief Executive Officer…
Auditor Refuses to Sign Off Brazil Petrobras' Q3 Results
Brazil's Petrobras failed to get its third-quarter earnings approved by PriceWaterhouseCoopers as the auditing firm demanded wider investigation into a corruption scandal plaguing the state-run oil company, newspaper O Estado de S.Paulo said on Saturday. Directors of Petroleo Brasileiro SA, as the oil firm is formally known, halted a Friday board meeting before making any decisions and rescheduled it for Tuesday…
Petrobras Board Member Seeks Internal Probe of Kickback Allegations
A board member of Brazil's state-run Petrobras called on Monday for an internal inquiry into allegations the oil company was involved in a vast kickback scheme with dozens of high-profile lawmakers. Silvio Sinedino, who represents Petrobras' union employees, told Reuters the company must determine the extent of any scheme and said he would press the rest of the board to investigate if its staff have information linked to the allegations.
Ex-Petrobras Director Re-Arrested
A former executive of state-run oil company Petroleo Brasileiro SA, who is under investigation for involvement in a money-laundering scheme, was re-arrested on Wednesday after Brazilian prosecutors said he kept $23 million in a Swiss bank. Paulo Roberto Costa, the former head of the company's refining and supply unit, was first detained in March as part of the probe but later released by a Supreme Court judge.
Petrobras Defends US Refinery; Still Calls Deal Bad
Brazil's state-run oil company, Petroleo Brasileiro SA, on Tuesday defended its 2006 purchase of a refinery in Pasadena, Texas, even as it admitted the deal caused the company to lose money. At a day-long Brazilian Senate hearing, Chief Executive Maria das Graças Foster explained that Petrobras, as the company is known bought the refinery in hopes of maximizing returns on Brazilian oil shipped to the United States.
Petrobras HQ Raided by Brazil Police
Brazil's Federal Police raided the headquarters of state-run oil company Petroleo Brasileiro SA in Rio de Janeiro as part of a money-laundering probe, two sources with direct knowledge of the operation told Reuters on Friday. However, they did not confirm if Petrobras was one of the locations raided. Portuguese for "Operation Car Wash," Operação Lava Jato has already resulted in the arrest of at least one former executive at Petrobras…