Arab Today, arab today brazil oil giant petrobras delays third quarter results over graft probe
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

Brazil oil giant Petrobras delays third quarter results over graft probe

Arab Today, arab today

Arab Today, arab today Brazil oil giant Petrobras delays third quarter results over graft probe

Scandal-tainted Brazilian oil
Sao Paulo - AFP

Scandal-tainted Brazilian oil giant Petrobras said it was delaying release of its third-quarter results because of ongoing corruption investigations involving the company.
"Petrobras will not be releasing its accounts for the third trimester of 2014...," a statement said. Preliminary results would be released on December 12 but no date for definitive figures was given.
"Petrobras is going through a unique moment in its history due to investigations regarding allegations of conspiracy, embezzlement and corruption amongst others," the statement said.
According to former Petrobras official Paulo Roberto, the company funneled millions of dollars in payments to politicians and members of the ruling Workers Party between 2004 and 2012.
"Because of the time needed to investigate the ongoing allegations and evaluate the need to improve internal controls, the company is not able to release results for the third quarter," the company said.
Petrobras announced a 20 percent fall in net profits in the second quarter despite an increase in sales and production of oil and gas.

 

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