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MarketScreener Homepage  >  Equities  >  Bolsa de Valores de Sao Paulo  >  Petróleo Brasileiro S.A. - Petrobras    PETR4   BRPETRACNPR6

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

(PETR4)
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Brazil prosecutors sue Trafigura over irregular Petrobras contracts: statement

11/30/2020 | 08:07pm EST
FILE PHOTO: Trafigura logo is pictured in the company entrance in Geneva

SAO PAULO (Reuters) - Brazilian federal prosecutors have filed a lawsuit seeking damages from oil trading company Trafigura and former executives on corruption allegations involving Brazilian state-run oil company Petroleo Brasileiro SA (Petrobras), according to a statement on Monday.

The prosecutors are also seeking a court order to freeze 1 billion reais ($187.55 million) of the defendants' assets pending a final ruling on the matter.

The allegations center around 31 fuel oil purchases and sale transactions carried out between May 2012 and October 2013. In Brazil, prosecutors can only press criminal charges against individuals, and companies are only subject to administrative sanctions, which can include fines.

In an emailed message to Reuters, Trafigura did not comment on the lawsuit specifically. Instead, it referred to a September 2019 statement, where it said it has a zero-tolerance policy on bribery and corruption.

"Any suggestion that Trafigura's current management knew that its payments would be used to make improper payments to employees of Petrobras is not correct," that statement said.

This is the first legal action targeting a trading firm since Brazilian prosecutors started to investigate Petrobras' fuel sales in 2018 as part of the so-called Car Wash graft probe, which is ongoing and started in 2014. Until now, only individuals had been targeted in such lawsuits.

The allegedly irregular trades between Trafigura and Petrobras involved the sale of 7.062 million barrels of fuel oil, the prosecutors said.

They said they found evidence Trafigura secured those contracts by paying 6.86 million reais in bribes to former employees of Petrobras' commercial area. As a result, Trafigura earned a profit of almost 200 million reais and caused losses to Petrobras, the prosecutors said.

Six foreign companies that competed and benefited from the scheme are defendants in the suit, including Trafigura do Brasil Consultoria, Trafigura AG, Trafigura PTE, Trafigura Group PTE, Trafigura Beheer BV and Farringford Foundation, the prosecutors said.

A total of 12 people were involved in the scheme, the prosecutors' statement said.

(Reporting by Ana Mano in São Paulo and Sabrina Valle in Rio de Janeiro; Editing by Stephen Coates and Aurora Ellis)


© Reuters 2020
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Financials
Sales 2020 280 B 51 147 M 51 147 M
Net income 2020 -50 443 M -9 226 M -9 226 M
Net Debt 2020 355 B 64 852 M 64 852 M
P/E ratio 2020 -5,42x
Yield 2020 1,25%
Capitalization 358 B 65 595 M 65 505 M
EV / Sales 2020 2,55x
EV / Sales 2021 1,93x
Nbr of Employees 57 983
Free-Float 64,3%
Chart PETRÓLEO BRASILEIRO S.A. - PETROBRAS
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Petróleo Brasileiro S.A. - Petrobras Technical Analysis Chart | PETR4 | BRPETRACNPR6 | MarketScreener
Technical analysis trends PETRÓLEO BRASILEIRO S.A. - PETROBRAS
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Average target price 35,20 BRL
Last Close Price 27,09 BRL
Spread / Highest target 69,8%
Spread / Average Target 29,9%
Spread / Lowest Target 5,20%
EPS Revisions
Managers and Directors
NameTitle
Roberto da Cunha Castello Branco President, Chief Executive Officer & Director
Eduardo Bacellar Leal Ferreira Chairman
Andrea Marques De Almeida Chief Financial & Investor Relations Officer
Marcelo da Silva Carreras Head-IT & Telecommunications
Marcia Tosta Head-Cyber & Information Security
Sector and Competitors
1st jan.Capitalization (M$)
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-4.41%65 595
SAUDI ARABIAN OIL COMPANY-0.57%1 854 023
ROYAL DUTCH SHELL PLC10.09%148 507
TOTAL SE2.61%115 901
PETROCHINA COMPANY LIMITED5.42%111 311
GAZPROM1.01%67 668