Fidelity bank banner Bayelsa State banner
Petrobras to pay nearly $3bn to settle investors’ lawsuit

By News Express on 04/01/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,620


Brazil’s state-run oil company has said it will pay $2.95bn to settle a class action brought by investors in the United States.

Petroleo Brasileiro SA, commonly known as Petrobras, said in a statement on Wednesday that the settlement would bring to an end a legal battle with investors claiming to have suffered losses as a result of a region-wide corruption scandal involving the oil giant.

The company has been embroiled in the scandal for several years since an investigation dubbed Operation Car Wash uncovered that a number of companies were paying bribes to officials to secure contracts with Petrobras, and Brazilian construction giants Odebrecht and OAS.

Brazil's Petrobras scandal: Dilma Rousseff’s Watergate?

Petrobras said that the agreement “does not constitute any admission of wrongdoing or misconduct” by the company, which claims also to have suffered from the corruption scheme.

The oil giant proposed to pay the settlement in three instalments. The decision will need to be approved by a US judge.

The settlement was lower than analysts predicted but, if approved, will be one of the largest securities class action settlements in the US.

Petrobras and politics

Since the scandal broke in 2014, dozens of senior politicians and high-ranking businessmen have been removed from their positions.

In 2016, millions of Brazilians took to the streets to demand the removal and impeachment of then President Dilma Rousseff and her predecessor Luiz Inacio “Lula” da Silva.

The two Workers Party politicians were charged with racketeering for allegedly plotting to skim funds from Petrobras, despite no evidence linking Rousseff to the oil giant.

Rousseff and others have speculated that her impeachment was politically motivated as she refused to stop Operation Car Wash or protect politicians from being investigated.

Lula remains Brazil’s most popular politician and the favourite to win the presidency in the general elections in 2018.

A Brazilian court will decide on Lula's appeal against his corruption conviction on January 24.

If denied, he may be barred from politics and unable to reclaim the presidency. (Al Jazeera)

Source News Express

Posted 04/01/2018 10:42:31 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Omisore battles INEC and Jega over Osun Resident...

Plateau poultry farmers decry low patronage, hike in...

Pensioners accuse PFAs of short-changing them, sabotaging PenCom...

Ekiti Speaker cries out as Governor Fayose seals...

Ramadan: Pastor launches campaign against hike in food...

CBN boosts foreign exchange market with additional $370.9m...

Wike scolds Education Ministry over illegal levies passed...

Nigeria’s Emeka Chiakwelu wins US National Library Award...

Salahudeen becomes Chief Imam of 2 Osun communities...

Akwa Ibom Govt. appoints Acting Chief Judge

NDIC extends deposit coverage to mobile money subscribers...

Medical check-ups: How much information does the UK...

 

Latest News The Yoruba and bandwagon politics, By Fredrick Nwabufo GOCOP, OPAN 'must be represented in Press Council Act' The bitter truths: A reflection on Firdaus’ controversy Boko Haram kills 30 in Borno Police summon Melaye over alleged shooting Why we can’t release Dasuki despite court orders: FG Governors demand drastic action to end killings NPA set to host International Maritime Conference Security operatives, others in emergency meeting as Apapa traffic worsens FG set to deploy 300,000 new N-Power beneficiaries FAAC deadlock: NNPC can’t continue spending public funds without approval – Governors Turaki blames Buhari administration for lingering Boko Haram war •Informs PDP BoT of presidential ambition

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (362,964 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (358,931 views) Shameless Genevieve Nnaji exposes breasts in public (287,307 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (235,761 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (215,050 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (212,811 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (186,898 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (168,829 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,479 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (153,109 views) Lagos plane crash: Journalist releases victims’ names (147,895 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (139,068 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,358) Business Verdict (45) Columnists (889) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (616) Global Business Monitor (286) International (2,147) Interview (157) Live Commentary (28) Love Matters (127) News (37,297) Opinion (1,024) Pidgin (10) Politics (5,620) Religion (786) Sports (1,612) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

FRANCE vs CROATIA 4-2 Highlights & Goals 2018

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement