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Weekly Report - 30 April 2015 (WR-15-17)
BRAZIL: Corruption cost and losses at Petrobras hit Brazil’s development bank
Brazil’s state-run oil company, Petrobras, finally published its audited financial results for 2014 and calculated it had lost R$6.2bn (US$2bn) due to corruption. However, the billion dollar losses were not only due to corruption and have cast doubts over the company’s ability to explore Brazil’s pre-salt oil reserves. The company’s woes are also putting pressure on the national development bank, Banco Nacional de Desenvolvimento Econômico e Social (BNDES).
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