State deal on Petrobras scandal
BRASíLIA, August 27, 2015 – Brazil will offer companies implicated in a major corruption scandal at semi-public Petrobras a deal that would include the payment of fines and compensation in exchange for repeat business with the national oil company, daily newspaper Folha de S.Paulo reported on Wednesday.
The government could receive around $4.2 billion in assets from around 20 companies that are unable to conduct business with Petrobras, estimates from the Finance Ministry suggest, as cited by Folha de S.Paulo.
Meanwhile, the operator would be allowed to resume payments for companies engaged on various projects, the newspaper reported.
Several Brazilian infrastructure projects have come to a standstill, after engineering and construction groups were accused of paying Petrobras bribes to win contracts.
The Brazilian state means to issue a presidential decree allowing for those companies to present certain assets as payment of fines and compensation, Folha de S.Paulo reported. These would be resold at a later date.
For more news and features from Brazil, click here.
Read our latest insights on:
Nigeria as a major maritime hubINTERVIEW