{"id":2625,"date":"2018-09-27T16:16:20","date_gmt":"2018-09-27T16:16:20","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/petrobras-hit-with-853m-corruption-fine\/"},"modified":"2018-09-27T16:16:20","modified_gmt":"2018-09-27T16:16:20","slug":"petrobras-hit-with-853m-corruption-fine","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/petrobras-hit-with-853m-corruption-fine\/","title":{"rendered":"Petrobras hit with $853m corruption fine"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape no-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"Petrobras oil rig\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/156D9\/production\/_103596778_7qtzc1j8.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Reuters<\/span><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p class=\"story-body__introduction\">Petrobras, Brazil&#8217;s state oil company, has agreed to pay more than $853m (\u00a3650m) to the US and Brazil, ending a long-running corruption investigation.<\/p>\n<p>The probe stemmed from a bribery scheme at the firm, which involved millions in payments that were concealed from investors and regulators.<\/p>\n<p>The payments were facilitated by executives at the &#8220;highest levels&#8221;, including the firm&#8217;s board, the US Department of Justice said. <\/p>\n<p>Brazil is to receive 80% of the money.<\/p>\n<p>Authorities in the US &#8211; where Petrobras is listed on the stock exchange &#8211; agreed not to prosecute in exchange for the remainder of the funds.<\/p>\n<p>&#8220;Those who choose to access our capital markets while failing to disclose the corrupt activities of company executives will be held accountable,&#8221; said US Attorney Zachary Terwilliger.<\/p>\n<p>The payments were uncovered as part of Brazilian money laundering investigation at a petrol station, before widening to uncover corruption involving some of the country&#8217;s top politicians and biggest companies, including Petrobras and Odebrecht.<\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\"><a href=\"https:\/\/www.bbc.co.uk\/news\/business-37781247\" class=\"story-body__link\">Can Brazil&#8217;s &#8216;oil capital&#8217; bounce back after Petrobras scandal?<\/a><\/li>\n<\/ul>\n<p>According to the Petrobras settlement&#8217;s <a href=\"https:\/\/www.justice.gov\/opa\/press-release\/file\/1096706\/download\" class=\"story-body__link-external\">official account of the scandal<\/a>, former executives funnelled payments from companies seeking business with the state to politicians, in some cases accepting part of the bribe themselves.<\/p>\n<p>The payments were often concealed through fictitious costs or consultancy agreements, it says.<\/p>\n<figure class=\"media-landscape no-caption full-width\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                 <span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Reuters<\/span><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p>The full scale of the scheme, which took place between at least 2004 and 2012, is estimated at $2bn, of which more than $1bn went to politicians and political parties, the account says.<\/p>\n<p>In a statement, Petrobras stressed that the agreement found that the company was also a victim of the scheme, which involved former executives, some of whom are now serving prison sentences in Brazil.<\/p>\n<p>It said: &#8220;The agreements serve the best interests of Petrobras and its shareholders and put an end to the uncertainties, burdens and costs associated with potential litigation in the United States.&#8221; <\/p>\n<p>Under an order from the Securities and Exchange Commission, Petrobras has agreed to return $933m in gains stemming from the false financial statements.<\/p>\n<p>That will be credited toward a $2.95bn settlement reached in a class-action suit brought by investors in New York. <\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/business-45670510\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Reuters Petrobras, Brazil&#8217;s state oil company, has agreed to pay more than $853m (\u00a3650m) to the US and Brazil, ending a long-running corruption investigation. The probe stemmed from a bribery scheme at the firm, which involved millions in payments that were concealed from investors and regulators. The payments were facilitated by executives at &hellip; <\/p>\n","protected":false},"author":0,"featured_media":2626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=2625"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/2626"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=2625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=2625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=2625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}