Petrobras (PBR) Stock Rises 8.38% to U$7.50

Petrobras (PBR) Stock Rises 8.38% to U$7.50

ByAndrew Meola|04/09/15 – 03:44 PM EDT

NEW YORK (TheStreet) — Shares of Brazilian state-run energy company Petrobras (PBR – Get Report) rose 8.38% to $7.50 in late afternoon trading Thursday as Brazilian President Dilma Rousseff said the company is ready to move on from the corruption scandal that has plagued it for months.

Rousseff said Thursday during a ceremony at a government housing project that Petrobras has made the necessary changes to move on from the corruption and bribery scandal.

“[Petrobras] has cleaned up what needed to be cleaned, throwing out the people it needed to get rid of that had taken advantage of their positions to enrich [itself],” Rousseff said, according to the Wall Street Journal.

Brazilian prosecutors claim that former Petrobras executives and some of Brazil’s largest construction firms colluded to inflate contract prices and then kicked back some of the gains to lawmakers and other officials to fund political campaigns.

In related news, Reuters reports that Petrobras does not have a date scheduled to release its audited third-quarter and fourth-quarter results that have been delayed because of the scandal.

Reuters had reported on Wednesday that Petrobras could vote on April 17 to approve publishing the results, citing a board member.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.