Brazil Police Raid Investment Bank BTG Pactual, Shares Fall Fifteen Percent

Prosecutors are investigating whether Petrobras sold stakes in Nigerian oilfields to BTG in 2013 for a value lower than initial assessments by other financial institutions.

RIO DE JANEIRO, BRAZIL - (Reuters) Brazil's federal police on Friday raided the headquarters of Latin America's largest independent investment bank, Banco BTG Pactual SA, and the addresses of its founder André Esteves, federal prosecutors said in a statement.

Maria das Graças Foster, former chief executive of state-controlled oil company Petroleo Brasileiro SA, was also a target, the statement said. The raids were related to the sale of stakes in African oilfields to BTG Pactual.

BTG Pactual confirmed in a securities filing its headquarters in São Paulo and Rio de Janeiro were raided by federal police . . .

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