Petrobras Losses to Corruption May Top US$1.5 Billion

Petrobras Losses to Corruption May Top US$1.5 Billion

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – The investigation which seeks to determine the financial losses to Brazil’s oil giant, Petrobras, due to Operação Lava Jato (Operation Carwash) may take up to three years to be concluded and total R$4.06 billion (over US$1.5 billion), according to Petrobras President, Maria das Graças Foster. […]

Brazil’s Rousseff Urges Cabinet to Reduce Spending

Brazil’s Rousseff Urges Cabinet to Reduce Spending

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – Brazil’s President, Dilma Rousseff, asked cabinet ministers to maintain strict control over government spending and combat corruption, during a meeting with her new cabinet members on Tuesday, January 27th. This is Rousseff’s first cabinet meeting since she started her second term in office, on January […]

Brazil’s Petrobras Releases Third Quarter of 2014 Results

Brazil’s Petrobras Releases Third Quarter of 2014 Results

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – After twice postponing the release of the third quarter financial results for 2014, Brazilian oil giant Petrobras released the report early Wednesday (January 28th) morning. The results show a net profit of R$3.084 billion. These results represent a 38 percent decline from the second quarter […]

Ex-Petrobras Director Got US$1.5 Million For Pasadena Deal

Ex-Petrobras Director Got US$1.5 Million For Pasadena Deal

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – Former Petrobras director, Paulo Roberto Costa, told investigators that he received US$1.5 million from a lobbyist to aid in the purchase of the Pasadena refinery in the United States. The statement was made in September as part of his agreement with authorities for a reduced […]

Lava Jato Main Suspect Youssef‘s Plea Bargain Revealed

Lava Jato Main Suspect Youssef‘s Plea Bargain Revealed

By Lisa Flueckiger, Contributing Reporter RIO DE JANEIRO, BRAZIL – The details of the plea bargain of black market money dealer and Lava Jato (car wash) scandal mastermind Alberto Youssef have been revealed on Wednesday, January 21st. Youssef will receive a maximum sentence of five years if he cooperates with the investigators. Youssef, who has […]

Former Petrobras Executive Arrested at Rio’s Airport

Former Petrobras Executive Arrested at Rio’s Airport

By Lisa Flueckiger, Contributing Reporter RIO DE JANEIRO, BRAZIL – Nestor Cerveró, former head of internationals at Petrobras, was arrested this morning (January 14th) when he disembarked at Rio’s Galeão airport coming from London by the Federal Police. The businessman is a suspect in the Lava-Jato (carwash) money laundering scandal and has been taken into […]

Petrobras: Q3/2014 Results Only in 2015, Bans Contractors

Petrobras: Q3/2014 Results Only in 2015, Bans Contractors

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – Brazil’s oil giant, Petrobras, announced this week that it will be releasing the company’s financial results for the third quarter of 2014 in January of 2015 and that it was temporarily banning companies accused of corruption in the Operação Lava Jato (Operation Car Wash) from […]

Brazil’s Petrobras May See Its Rating Downgraded

Brazil’s Petrobras May See Its Rating Downgraded

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – One of the most important risk classification companies in the world, Moody’s Investors Service has placed Petrobras S.A.’s global foreign currency and local currency debt ratings on review for a possible downgrade. This would be the second time Petrobras’ debt ratings was downgraded by Moody’s […]

Decisive Week in Brazil for Top Petrobras Executives

Decisive Week in Brazil for Top Petrobras Executives

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – This will be a decisive week for top executives at Brazil’s oil giant Petrobras, say analysts, as additional reports reveal that directors and even the company’s president, Maria das Graças Foster, have known for years that some of the company’s key directors were receiving bribes. […]

Money Laundering Scheme in Brazil Indicts Twelve Executives

Money Laundering Scheme in Brazil Indicts Twelve Executives

By Lise Alves, Senior Contributing Reporter SÃO PAULO, BRAZIL – The Federal Police in Brazil has indicted twelve executives from four construction giants being investigated in the Petrobras money laundering scandal. According to the government agency, a lobbyist for some of these companies has also been indicted. The indictments are the latest in a series […]

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