8 Things to Know About Brazil’s Petroleo Brasileiro SA Petrobras (ADR) Scandal

Petroleo Brasileiro SA Petrobras (ADR) (PBR) is facing a scandal over corruption and InvestorPlace has a few things to know about the situation.

Petrobras, Brazil, PBR stockHere’s some thing to know about the Petrobras corruption in Brazil, as collected from The Atlantic.

  • Former Brazil President Luiz Inacio Lula da Silva had allegedly received illegal kickbacks from Petrobras.
  • It’s believed he used money from the scandal to fund his political campaign and help his party.
  • He is claimed to be responsible for choosing new directors at the energy company.
  • The former President of Brazil was taken for questioning.
  • It’s believed that the corruption lasted from 2003 to 2010.
  • The investigation is called Operation Car Wash and it includes dozens of politicians.
  • Lula is still his party’s leader and it continues to control Brazil.
  • The investigation includes a possible $2 billion in bribes paid by businessmen.

To learn more about the Petrobras scandal, click here.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/03/petrobras-brazil-pbr-stock/.

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