board members: It was not immediately clear what the punishment for Petrobras’ former board members could be if they are found guilty, according to Euro News. The decision comes as Petrobras faces a number of class action lawsuits in U.S. courts by investors who accuse the company of misleading statements and failing to disclose corruption practices. The former board, which former Finance Minister Guido Mantega presided over for years, approved an investment programme with specific debt targets but chose to run a pricing policy that made it unlikely for those goals to be met, the watchdog, known as CVM, said in a report on its website. As part of a government strategy to curb inflation, Petrobras for years kept domestic fuel prices below international levels. The watchdog said the board members infringed rules stating that management and board members must be loyal to the company they are working for. This caused huge losses for the company refining division, which was forced to buy oil at market prices but sell fuels at a loss.
(news.financializer.com). As
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