Petrobras Estimates Bribes of Up to US$ 1.9 billion

04/10/2015 - 10h37

Petrobras estimates that losses due to corruption at Petrobras should reach the U$1.9 billion mark. The figure encompasses all contracts and additives signed with companies mentioned in the Car Wash operation run by the Federal Police, and will appear on the 2014 balance sheet.

According to what Folha learned, figures close to US$ 1.9 billion correspond to 3% of assets that may have been embezzled. This is the largest percentage to have been reported in whistleblower awards made by former executives and businessmen suspected of involvement in irregularities.

According to staff who worked on the review of contracts, the estimate of "improper payments" is conservative, specifically because the company wants to show investors that it is not willing to hide losses and therefore deserves to have its balance audited and approved by PwC.

The company wants to present its financial statements on April 20 to put an end to the story that has dragged on since October 31 2014, when PwC refused to sign the results for the third quarter of 2014 because top executives that were to sign the provision of information came under suspicion.

The refusal gave way to an unprecedented crisis and contributed to the loss of the so-called investment grade (a seal that identifies safe economies to invest in) awarded by Moody's credit rating agency, this year.

To reassure investors and auditors, Petrobras, today led by Aldemir Bendine, had to submit to SEC (the regulator of the US capital market) the criteria it follows for calculating embezzlement. To do so, it used the 3% limit as reference.

Translated by CRISTIANE COSTA LIMA

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	Danilo Verpa/Folhapress
	According to what Folha learned, figures close to US$ 1.9 billion correspond to 3% of assets that may have been embezzled