Brazil Fines Ex-Petrobras Executives $792 Million on Refinery
Brazil’s audit court fined four former top officials of Petroleo Brasileiro SA (PETR4), including ex-Chief Executive Officer Jose Sergio Gabrielli, a combined $792 million for mismanagement in the purchase of a U.S. refinery.
The National Accounts Tribunal, which oversees public spending, fined Gabrielli and former heads of refining, production and international business units, Augusto Nardes, the president of the court known as TCU, said today in Brasilia after a ruling. The executives of the state-run company allegedly mismanaged public funds in the purchase of a 100,000-barrels-a-day refinery in Pasadena, Texas, according to the ruling, which orders the executives to pay the money back to Petrobras, as the state-controlled oil producer is known.
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