BCN-09 Petrobras recovers $274 million from corruption scandal

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ZCZC

BCN-09

BRAZIL-ECONOMY-OIL-CORRUPTION

Petrobras recovers $274 million from corruption scandal

RIO DE JANEIRO, Aug 10, 2018 (BSS/AFP) – Brazil’s state-owned oil major
Petrobras said Thursday that it has recovered 1.034 billion reais ($274
million) in funds embezzled during a giant corruption scandal that badly
damaged the company and upended Brazilian politics.

The funds were returned “through cooperation and leniency agreements
signed with individuals and legal entities” by federal investigators and
prosecutors from the massive graft probe known as operation “Car Wash,”
Petrobras said in a statement.

This was the biggest restitution to the company in a single period since
“Car Wash” got underway in 2014, Petrobras said. Funds recovered now exceed
2.5 billion reais.

Prosecutors found Petrobras was at the center of a web of pay-to-play
schemes, embezzlement and bribery involving top business executives and
politicians from all parties. Among those convicted for “Car Wash” crimes is
former president Luiz Inacio Lula da Silva, serving a 12-year-sentence for
taking an apartment as a bribe.

Current President Michel Temer has been charged with corruption in a
separate investigation linked to giant meatpacking company JBS.

BSS/AFP/HR/1000