An internal investigation of potential corruption at Brazil’s state-run energy utility Eletrobras has expanded to include five more Brazilian hydroelectric dams, a source with access to the probe said.
Lawyers investigating possible violations of U.S. and Brazilian anti-corruption laws hope to finish their work in March in order to deliver a delayed financial report to U.S. regulators, and their findings could impact Eletrobras’ second-quarter balance sheet, the source said.
Eletrobras, formally known as Centrais Eletricas Brasileiras SA, hired U.S.-based law firm Hogan Lovells and Sao Paulo-based WFaria Advogados as well as three independent commissioners to assess possible graft involving Eletrobras and private construction firms in Brazil.
Kroll, a U.S.-based risk consulting firm, more recently joined the investigatory commission, the source said. Kroll did not respond to a request for comment. Eletrobras said it would only comment on the internal investigation when it was concluded.
The number of people under investigation has increased as new projects are added, the source said.
Brazil Energy Insight 
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