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Brazil: Petrobras top bosses quit amid massive price-fixing scandal

By  |  February 4, 2015

Maria das Graças Foster, who was hand-picked by President Dilma Rousseff to run the country’s most powerful company, was forced to step down after a widening investigation discovered suspect payments, bribes and kickbacks to politicians. Five other senior also resigned on Wednesday.

Police say they have uncovered a price-fixing, bribery and political kickback scheme that allegedly benefited the ruling party of President Dilma Rousseff and could have siphoned off the equivalent of as much as $28 billion. Prosecutors have also uncovered around $800m in bribes and other illegal funds. More than 200 businesses are being investigated and more than 80 people, including three former executives from Petrobras, are facing possible charges.

The firm’s board of directors will meet on Friday February 6 to elect a new management team to replace CEO Maria das Graças Foster and five other senior directors.

 

Full Content: BBC News

 

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