Petrobras: Probe to begin in August
Petrobras probe begins next month
A Brazilian Senate probe into the tax and spending policies of Petrobras will begin 6 August, Senator Joao Pedro Goncalves, head of the investigation said.
Pedro nominated Senator Romero Juca as the investigating committee’s recording secretary today in Brasilia, he will also be responsible for writing its final report.
The probe was initiated to investigate allegations that Petrobras improperly cut its tax bill, overpaid for goods and services and may have favored supporters of Brazilian President Luiz Inacio Lula da Silva when it made charitable donations, a Bloomberg report said.
Petrobras, responsible for about 10% of Brazil’s economic output, may see efforts to carry out a $174.4 billion five-year investment plan delayed and managers “distracted” by the investigation, Chief Financial Officer Almir Barbassa said on 23 June.