Arab Today, arab today gates foundation sues petrobras pwc over scandal
Last Updated : GMT 22:20:05
Arab Today, arab today
Arab Today, arab today

Gates Foundation sues Petrobras, PwC over scandal

Arab Today, arab today

Arab Today, arab today Gates Foundation sues Petrobras, PwC over scandal

Bill & Melinda Gates Foundation
New York - AFP

The charity foundation of multi-billionaire Microsoft founder Bill Gates has sued Petrobras and accounting giant PwC's Brazil arm over investment losses due to corruption at the Brazilian oil giant.

The Bill & Melinda Gates Foundation, together with WGI Emerging Markets Fund, alleged in the suit filed late Thursday in New York that Petrobras repeatedly misrepresented its operations and financial situation in raising billions of dollars from investors.

It also alleges that PwC's Brazil affiliate, PricewaterhouseCoopers Auditores Independentes, played a key role by attesting to Petrobras financial statements and ignoring red flags. The suit seeks unspecified damages.

"The depth and breadth of the fraud within Petrobras is astounding. By Petrobras's own admission, the kickback scheme infected over $80 billion of its contracts, representing one-third of its total assets," the suit alleged.

"Equally breathtaking is that the fraud went on for years under PwC's watch, who repeatedly endorsed the integrity of Petrobras' internal controls and financial reports. This is a case of institutional corruption, criminal conspiracy, and a massive fraud on the investing public."

Prosecutors in Brazil say Petrobras executives colluded with construction companies to massively overbill the state oil giant. The extra money went to kickbacks and political payoffs company executives, politicians and political parties that include the ruling Workers' Party.

Portfolio managers for Gates and WGI probed Petrobras executives on questionable financial data, but were misled in a "series of materially false and misleading written and oral statements and/or omissions by Petrobras and/or PwC," according to the complaint.

The Gates litigation follows a class-action suit in New York by a group of investors against Petrobras. Petrobras has argued that the scandal was the result of contractors, corrupt politicians and a few employees and should not impugn the company as a whole.

The largest company in the world's seventh-largest economy has estimated the scheme cost it more than $2 billion.

The scandal has tarred the tenure of Brazilian President Dilma Rousseff, who has faced rising talk of impeachment.

On Monday, the former treasurer of Brazil's ruling party was sentenced to 15 years in prison after being convicted of receiving bribes from Petrobras contractors and distributing them to members of the ruling party.

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 gates foundation sues petrobras pwc over scandal Arab Today, arab today gates foundation sues petrobras pwc over scandal

 



Arab Today, arab today
Arab Today, arab today Accessories designer reveals her new collection

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today Number of unwedded girls amounts to 2.5m

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Donia Abdel Aziz participates in "Game of Silence"

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"
Arab Today, arab today Mexico threatens to ditch US corn imports

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 07:39 2017 Monday ,20 March

Dalia Mustafa believes in the presence of ghosts

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 16:41 2017 Monday ,20 March

Preserving the memory of glaciers

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 13:11 2017 Tuesday ,21 March

Web-based counseling lowers blood pressure

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
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