Brazil President Luiz Inacio Lula da Silva Fires State-Run Oil Giant $97 Billion Petrobas CEO Jean Paul Prates Over Dividend Payout & Not Lowering Fuel Prices, Appoints ex-Head of Brazil Oil & Gas Regulator ANP Magda Chambriard as CEO, Petrobas Board Had Opposed Petrobas CEO Jean Paul Prates in March 2024 by Withholding Extra Dividend Payout to Shareholders
17th May 2024 | Hong Kong
Brazil President Luiz Inacio Lula da Silva has fired Brazil state-run oil giant (17/5/24: $97 billion market value) Petrobas CEO Jean Paul Prates over a dividend payout dispute & not lowering fuel prices, appointing ex-Head of Brazil oil & gas regulator ANP Magda Chambriard as CEO. In March 2024, the Petrobas board had opposed Petrobas CEO Jean Paul Prates by withholding an extra dividend payout to shareholders. In 2022, Pictet Private Bank office had been searched by Switzerland authorities for investigations of corruption & money-laundering linked to Brazil oil giant Petrobas. Switzerland Office of the Attorney General: “The (Office of the Attorney General) OAG confirms that in mid-March it carried out a search of a banking institution in Geneva. This search took place in the context of ongoing criminal proceedings, linked to the Petrobras investigation complex, which were opened in December 2021.” The Petrobas investigation started in 2014 with estimated of $2 billion to $13 billion of embezzlement, has convicted more than 200 politicians & businessmen, and with banks including JP Morgan being investigated.
“ Brazil President Luiz Inacio Lula da Silva Fires State-Run Oil Giant $97 Billion Petrobas CEO Jean Paul Prates Over Dividend Payout & Not Lowering Fuel Prices, Appoints ex-Head of Brazil Oil & Gas Regulator ANP Magda Chambriard as CEO, Petrobas Board Had Opposed Petrobas CEO Jean Paul Prates in March 2024 by Withholding Extra Dividend Payout to Shareholders “
Pictet Private Bank Searched by Switzerland Authorities for Corruption & Money Laundering Linked to Brazil Oil Giant Petrobas
1st April 2022 – Pictet Private Bank office had been searched by Switzerland authorities for investigations of corruption & money-laundering linked to Brazil oil giant Petrobas. Switzerland Office of the Attorney General: “The (Office of the Attorney General) OAG confirms that in mid-March it carried out a search of a banking institution in Geneva. This search took place in the context of ongoing criminal proceedings, linked to the Petrobras investigation complex, which were opened in December 2021.” The Petrobas investigation started in 2014 with estimated of $2 billion to $13 billion of embezzlement, has convicted more than 200 politicians & businessmen, and with banks including JP Morgan being investigated.
Operation Car Wash: Petrobas
Wikipedia: Operation Car Wash (Portuguese: Operação Lava Jato) was a criminal investigation by the Federal Police of Brazil’s Curitiba branch. It began in March 2014 and was initially headed by investigative judge[a] Sergio Moro, and in 2019 by Judge Luiz Antônio Bonat. It has resulted in more than a thousand warrants of various types. According to the Operation Car Wash task force, investigations implicate administrative members of the state-owned oil company Petrobras, politicians from Brazil’s largest parties (including presidents of the Republic), presidents of the Chamber of Deputies and the Federal Senate, state governors, and businessmen from large Brazilian companies. The Federal Police consider it the largest corruption investigation in the country’s history.
Originally a money laundering investigation, it expanded to cover allegations of corruption at Petrobras, where executives allegedly accepted bribes in return for awarding contracts to construction firms at inflated prices. This criminal scheme was initially known as Petrolão (Portuguese for “big oil”) because of the Petrobras scandal The investigation is called “Operation Car Wash” because it was first uncovered at a car wash in Brasília.
The aim of the investigation was to ascertain the extent of a money laundering scheme, estimated by the Regional Superintendent of the Federal Police of Paraná State in 2015 at R$6.4–42.8 billion (US$2–13 billion), largely through the embezzlement of Petrobras funds. It has included more than a thousand warrants for search and seizure, temporary and preventive detention, and plea bargaining, against business figures and politicians in numerous parties.
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