Brazilian federal prosecutors presented formal charges against billionaire financier Andre Esteves and Senator Delcídio do Amaral on Monday, accusing them of obstructing a criminal investigation into state-run oil company Petrobras, according to a source familiar with the matter.
Esteves, a founder and top shareholder of investment bank BTG Pactual SA and Amaral, who is President Dilma Rousseff’s point man in the Senate, were arrested on Nov. 25 on suspicion of obstructing the largest graft probe in Brazil’s history.
Esteves and Amaral have both denied the allegations through their lawyers.
The case has rattled BTG Pactual, the country’s sixth largest bank, whose co-founders wrested control away from Esteves after he stepped down as chairman and chief executive. Creditors and investors are watching closely to see if the bank is implicated in charges against Esteves.
Brazil Energy Insight 
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