Brazil securities regulator accuses former Petrobras execs of graft

Sao Paulo

BRAZIL'S securities regulator formally accused eight former executives of state-run oil company Petroleo Brasileiro SA of corruption on Friday, as the world's largest graft investigation stretches deep into its third year.

According to a legal filing by the CVM, Brazil's equivalent to the US Securities and Exchange Commission, the accusations relate to possible irregularities in the contracting process for three drill ships. The accusations stem from an investigation started in March 2016, and include two former CEOs of Petrobras, as the company is commonly known.