February 4, 2015 4:08 pm
Petrobras: Timeline of a scandal
Here is a timeline of the corruption crisis that is ricocheting into the rest of the economy.
Dilma Rousseff serves as Petrobras chairman before becoming Brazilian president
Petrobras makes its first big “pre-salt” discovery off the coast of Rio de Janeiro, raising hopes Brazil will become an oil superpower
Petrobras announces plan to raise capital as part of a deal that increases the government’s stake in the company
- Petrobras raises $70bn in what was the world’s largest share offering
Ms Rousseff is inaugurated as president. She is re-elected in October 2014.
Maria das Graças Foster is appointed Petrobras chief executive
Petrobras posts its first quarterly loss in 13 years, partly as a result of the government’s refusal to allow it to raise fuel prices in line with global markets
Brazil holds its first oil auction for five years, raising $1.4bn
Petrobras reports gross debts of more than $135bn, making it the world’s most indebted oil producer
Former Petrobras director Paulo Roberto Costa is arrested in connection with an investigation into alleged corruption, which allegedly took place from 2004 to 2012
April 14 2014
Ms Rousseff says Petrobras has become the target of a malicious political campaign
April 24 2014
Brazil’s Supreme Court authorises a request for a congressional inquiry into alleged corruption at Petrobras
After striking a plea bargain with the authorities, Mr Costa names parliamentarians and other officials as being involved in the alleged corruption.
Petrobras’s external auditor refuses to sign off on the quarterly results. Ms Rousseff wins re-election as president.
November 14 2014
Maria das Graças Foster
Police in six states raid Petrobras offices and those of some contractors
November 24 2014
Petrobras discloses it has received a subpoena from the US Securities and Exchange Commission asking for documents relating to an unspecified investigation it is conducting
December 17 2014
Ms Graças Foster says she had offered to resign three times but Ms Rousseff had told her to stay on
January 28 2015
Petrobras admits it is unable to calculate how much was stolen from it in the corruption scandal when it publishes its unaudited financial results. Some analysts had expected writedowns of up to $20bn.
February 4 2015
Ms Graças Foster and five other Petrobras executives resign
Copyright The Financial Times Limited 2015.