Arab Today, arab today petrobras vows overhaul amid graft allegations
Last Updated : GMT 03:56:59
Arab Today, arab today
Arab Today, arab today

Petrobras vows overhaul amid graft allegations

Arab Today, arab today

Arab Today, arab today Petrobras vows overhaul amid graft allegations

Petrobras' Abreu e Lima oil
Rio de Janeiro - AFP

Brazil's state-owned oil giant Petrobras vowed Monday to do a better job policing itself, as it struggles to cope with the fallout of a huge corruption scandal.
Petrobras CEO Graca Foster said the company would create a compliance division tasked with tracking "internal processes" at the oil giant.
"We are working intensely to shore up our internal processes," Foster told a news conference.
Brazil's President Dilma Rousseff claims she had no knowledge of the massive kickback scheme, even though members of her ruling Workers Party have been linked to it.
Federal police over the weekend interviewed 23 people arrested on suspicion of corruption and money-laundering, including senior executives from some of Brazil's biggest construction firms.
Former director Paulo Roberto Costa has told investigators that Petrobras paid millions of dollars to politicians and members of the ruling Workers Party between 2004 and 2012 to buy influence with cash creamed off from inflated contracts.
Accepting the potential need to accept asset write-downs if the graft allegations are ultimately proven, Foster said the board had given her unanimous backing to take all necessary steps, including the creation of the compliance directorate, to improve corporate governance in the wake of the scandal.
Last week, the ongoing investigation forced the company, which has brought in external financial consultants to probe the allegations, to postpone release of third-quarter earnings as it fights allegations of conspiracy, embezzlement and corruption.
On Monday, Foster and director of finance Almir Barbassa said that if graft accusations are confirmed they will have an impact on the results, which now are not expected before December 12.
"We are working as hard as we can to ready the earnings report," said Barbassa, who stressed Petrobras would cooperate fully with investigators "to ensure the matter is resolved quickly."
Petrobras shares were down 2.8 percent in midday trading Monday and have lost about a fifth of their value to far this year, wiping out billions of dollars.
Unable to unveil complete figures from independent auditors PricewaterhouseCoopers, Petrobras released merely operational results.
Also Monday, Petrobras cut its production growth target for this year from 7.5 percent to 5.5 to 6.0 percent owing to platform delivery delays and licensing processes despite nine straight monthly increases.
Rousseff, a former Petrobras board chair, said after the G20 summit in Brisbane that the investigation could "change Brazil forever" by ending a culture of impunity.
"It is a symbolic case for Brazil," Rousseff said.
"It is the first time we have had a concrete investigation into corruption in Brazil, in either the public or private sectors."
Rousseff added that all contracts signed between Petrobras and large construction companies suspected of corruption in an affair dubbed "Operation Car Wash" would be reviewed.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today petrobras vows overhaul amid graft allegations Arab Today, arab today petrobras vows overhaul amid graft allegations

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today petrobras vows overhaul amid graft allegations Arab Today, arab today petrobras vows overhaul amid graft allegations

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday