Swiss, Brazil Try to Unravel Petrobras Affair

By Brenna Hughes Neghaiwi
Tuesday, April 9, 2019

Crimefighters in Switzerland and Brazil pledged to intensify cooperation to resolve the sprawling corruption case linked to state oil firm Petrobras in which around 700 million Swiss francs ($701 million) remain frozen in Switzerland.

Switzerland has so far returned roughly 365 million Swiss francs ($365.6 million) to Brazil related to Petrobras and construction firm Odebrecht, the Swiss Office of the Attorney General (OAG) said on Tuesday, including 9 million francs in March.

Around 70 related criminal proceedings are under way in Switzerland, two of which are scrutinizing Swiss financial groups, the OAG said after Swiss Attorney General Michael Lauber and Brazilian Prosecutor General Raquel Dodge met in Brasilia on Monday.

"The two counterparts signed a joint declaration reaffirming their commitment to continue and intensify their cooperation," the OAG said in a statement.

More than 130 businessmen and politicians have been convicted in Brazil in the case, focused on political kickbacks and money laundering at Petrobras and Odebrecht. Ex-Brazilian President Luiz Inacio Lula da Silva is serving a 12-year prison sentence.

Around 15 criminal cases opened in Switzerland have been passed along to authorities in Brazil. The probe has also swept up leading global commodity traders based in Switzerland. The Swiss are assisting Brazilian prosecutors investigating alleged bribery and corruption links to Vitol, Trafigura and Glencore.


($1 = 0.9982 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi, editing by John Revill and John Miller)

Categories: Legal Finance South America

Related Stories

Mermaid Maritime Expands Into US Offshore Market

ONGC Nears Venezuela Operatorship Deals, Regains Russia’s Sakhalin-1 Stake

Vantris Energy Secures Petronas’ Offshore Drilling Work Orders

FPSO for Azule Energy’s Angola Offshore Field Starts Taking Shape in China

Eni-Petronas JV Starts Indonesia-Bound FPSO Construction

QatarEnergy Prolongs LNG Force Majeure, Charters Out Tankers

Oil Rises on Dual Shipping Threat in Hormuz and Red Sea

ADNOC Approves $6.2B Offshore Umm Shaif Gas Project

Searah Malaysia Starts Upstream Oil and Gas Operations

Hormuz Crossings Decline as US Renews Iran Blockade

Current News

ConocoPhillips, CNOOC Put Penglai Field off China Into Full Operation

Mermaid Maritime Expands Into US Offshore Market

ONGC Nears Venezuela Operatorship Deals, Regains Russia’s Sakhalin-1 Stake

Fugro Secures India Deepwater Drilling ROV Contract

Vantris Energy Secures Petronas’ Offshore Drilling Work Orders

ADNOC, SLB Roll Out AI Platform Across More Than 120 Drilling Rigs

Oil Rises as Uncertainty Clouds US-Iran Peace Talks

India’s ONGC to Allocate Half of New Oil Storage to Strategic Reserves

Subsea7 Lands ‘Sizeable’ Contract for Work Offshore Brunei

FPSO for Azule Energy’s Angola Offshore Field Starts Taking Shape in China

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com