SEC subpoenas Petrobras in corruption probe

Market: Crude oil, Natural gas, Petroleum coke
25/11/14

Brazil's state-controlled oil firm Petrobras said it has received a subpoena from the US Securities and Exchange Commission (SEC) requesting documents relating to its investigation of the company.

The subpoena, which Petrobras said it received on 21 November, is related to a widespread alleged bribery and kickback scheme in which the oil company is said to have routinely overcharged for contracts so part of the money could be funneled to the ruling Workers party and its coalition allies.

Petrobras has said it is a "victim" of the alleged scheme, in which major domestic contractors possibly have taken part. Petrobras and various major domestic companies are currently the target of a series of investigations.

The documents sought by the SEC will be gathered with the assistance of the Brazilian law firm Trench, Rossi e Watanabe Advogados and the US law firm Gibson, Dunn & Crutcher, the company said today. Petrobras previously retained the two law firms to carry out an independent internal investigation.

"Petrobras reiterates its commitment to co-operate with the US authorities with the same dedication that it has been co-operating with the authorities in Brazil," the company said.

pg/rjd

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05/04/26

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SEC subpoenas Petrobras in corruption probe

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