Petrobras may need to pay US$1.6b in penalties
It expects to face largest fines ever levied by US authorities in a corporate corruption investigation
Rio de Janeiro
BRAZIl'S Petrobras may need to pay record penalties of US$1.6 billion or more to settle US criminal and civil probes into its role in a corruption scandal, a person recently briefed by the company's legal advisers told Reuters.
State-run Petroleo Brasileiro SA, as the company is formally known, expects to face the largest penalties ever levied by US authorities in a corporate corruption investigation, according to the source, who has direct knowledge of the company's thinking. The settlement process could take two to three years, the source said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish