Brazilian oil company to pay U.S. investors over curruption case

Source: Xinhua| 2018-01-04 07:31:43|Editor: pengying
Video PlayerClose

HOUSTON, Jan. 3 (Xinhua) -- Brazilian state-run oil company Petroleo Brasileiro SA signed Wednesday to pay 2.95 billion U.S. dollars to end a class-action lawsuit over a massive corruption scandal that has damaged its market value.

According to local news report, the deal will end a three-year legal battle with investors in the company's American depositary receipts and bonds who claim they incurred large losses after Brazilian prosecutors exposed a wide-ranging money-laundering and kickback scheme involving the company in 2014. It is considered one of the highest-value settlements in history.

The settlement, which needs to be approved by a U.S. judge, will reflect on the company's fourth-quarter 2017 results and will be paid in three installments, the latest in early 2019, the Rio de Janeiro-based oil producer said in a statement on Wednesday.

The Brazilian company expects to resolve all pending and prospective class-action lawsuits in the U.S. The settlement does not include compensation for investors who bought their securities in Brazil. The company says it will keep disputing other claims in court.

Petroleo Brasileiro SA was at the heart of a Brazilian corruption probe that also spread to other industries and countries, implicating construction companies, banks, shipyards and leading politicians over the past years. The company says it was a victim of fraud orchestrated by a handful of individuals.

TOP STORIES
EDITOR’S CHOICE
MOST VIEWED
EXPLORE XINHUANET
010020070750000000000000011100001368703691
国产无码在线观看免费在线,37pao国产成视频,日韩一区二区视频在线,国产国产人免费人成免费视频麻豆
日本乱理伦片在线观看中文字幕 | 一级精品偷拍性视频 | 亚洲一区二区三区片 | 天堂网站一二三区在线看 | 一区二区三区黑人免费 | 人人爽免费在线视频 |