Petrobras: Timeline of a scandal

February 4, 2015 4:08 pm

Petrobras: Timeline of a scandal

John Aglionby

Maria das Graças Foster, the embattled head of Petrobras, and five other executives have resigned over the corruption scandal enveloping the Brazilian state-owned oil group.

Here is a timeline of the corruption crisis that is ricocheting into the rest of the economy.



Timeline of Scandal

Dilma Rousseff

Dilma Rousseff serves as Petrobras chairman before becoming Brazilian president

November 2007

Petrobras makes its first big “pre-salt” discovery off the coast of Rio de Janeiro, raising hopes Brazil will become an oil superpower

August 2009

Petrobras announces plan to raise capital as part of a deal that increases the government’s stake in the company

September 2010

  • Petrobras raises $70bn in what was the world’s largest share offering

January 2011

Ms Rousseff is inaugurated as president. She is re-elected in October 2014.

January 2012

Maria das Graças Foster is appointed Petrobras chief executive

August 2012

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

May 2013

Brazil holds its first oil auction for five years, raising $1.4bn

September 2013

Petrobras reports gross debts of more than $135bn, making it the world’s most indebted oil producer


March 2014

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

September 2014

After striking a plea bargain with the authorities, Mr Costa names parliamentarians and other officials as being involved in the alleged corruption.

October 2014

Petrobras’s external auditor refuses to sign off on the quarterly results. Ms Rousseff wins re-election as president.

November 14 2014


Maria das Gracas Foster

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.

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