Petrobras urged to pay investors

Brazil

ROTTERDAM, February 10, 2016 – A vehicle to help international investors reach a settlement with state-owned Petrobras was set up in the Netherlands today.

Dubbed the Petrobras Compensation Foundation, the newly established entity will call on Petrobras to find ways to compensate investors that suffered losses related to the alleged fraud and bribery schemes that have rattled the company since first becoming public in 2014.

In case of non-compliance, the Petrobras Compensation Foundation will start litigation before a Rotterdam court. Petrobras operates several Netherlands-based holding companies, all headquartered in the port city. Dutch company SBM Offshore was said to have been involved in the scandal through bribes.

The foundation was set up for European and international investors as a separate lawsuit was filed in the US to recover investors losses.

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