Gaston89 escribió:Petrobras Said to Review Graft Writedowns at Thrusday Meeting
(BN) Petrobras Said to Review Graft Writedown at Thursday Meetin g
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Petrobras Said to Review Graft Writedown at Thursday Meeting
2015-03-25 17:01:56.117 GMT
By Sabrina Valle
(Bloomberg) -- Petroleo Brasileiro SA, the oil producer at the center of Brazil’s biggest corruption scandal, plans to present estimates for graft-related writedowns at a board meeting Thursday, said two people with knowledge of the issue.
The estimates, a major obstacle to the release of audited financial results, have also been discussed with auditor PricewaterhouseCoopers LLP, the people said. The loss calculations were approved by securities regulators, O Estado de S. Paulo reported Wednesday, citing people it didn’t name.
Petrobras hasn’t released audited financial results since the second quarter and is being kept out of credit markets as it grapples with how to account for corruption losses. The company’s contractors allegedly colluded to inflate bids, with Petrobras executives accused of taking bribes and politicians sharing in the proceeds.
While results aren’t on Thursday’s agenda, ma(BN) Petrobras Said to Review Graft Writedown at Thursday Meetin g
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Petrobras Said to Review Graft Writedown at Thursday Meeting
2015-03-25 17:01:56.117 GMT
By Sabrina Valle
(Bloomberg) -- Petroleo Brasileiro SA, the oil producer at the center of Brazil’s biggest corruption scandal, plans to present estimates for graft-related writedowns at a board meeting Thursday, said two people with knowledge of the issue.
The estimates, a major obstacle to the release of audited financial results, have also been discussed with auditor PricewaterhouseCoopers LLP, the people said. The loss calculations were approved by securities regulators, O Estado de S. Paulo reported Wednesday, citing people it didn’t name.
Petrobras hasn’t released audited financial results since the second quarter and is being kept out of credit markets as it grapples with how to account for corruption losses. The company’s contractors allegedly colluded to inflate bids, with Petrobras executives accused of taking bribes and politicians sharing in the proceeds.
While results aren’t on Thursday’s agenda, management could decide to present them for approval, the people said.
PwC is also waiting for Petrobras to present the conclusions of an internal investigation into more than 100 people connected to the results before it can approve the balance sheet, said two people familiar with the matter.
Petrobras didn’t immediately respond to e-mails seeking comment. PwC can’t comment on clients due to confidentiality clauses, it said in an e-mailed response.
nagement could decide to present them for approval, the people said.
PwC is also waiting for Petrobras to present the conclusions of an internal investigation into more than 100 people connected to the results before it can approve the balance sheet, said two people familiar with the matter.
Petrobras didn’t immediately respond to e-mails seeking comment. PwC can’t comment on clients due to confidentiality clauses, it said in an e-mailed response.