Petrobras Concludes Obligations in Agreement with DoJ

Source: www.gulfoilandgas.com 10/4/2021, Location: South America

Petrobras has concluded the obligations set forth in its agreement with the U.S. Department of Justice (“DOJ”), previously disclosed in its 09/27/2018 release. The non-prosecution agreement, which related to Petrobras’ internal controls, accounting records, and financial statements during the period from 2003 to 2012, included certain obligations to be fulfilled by the company. Petrobras has fulfilled these obligations, including continuing to enhance its integrity program and self-reporting to DOJ during the agreement’s three-year term, and has fully complied with the agreement. Accordingly, the agreement is now completed.

Pursuant to the coordinated agreements with DOJ and the U.S. Securities and Exchange Commission (“SEC”), Petrobras paid US$ 853.2 million (10% in a criminal fine to DOJ, 10% in a civil fine to the SEC, and 80% for payments to the Brazilian authorities), committed to continue to improve its internal controls and compliance program, and agreed to cooperate with U.S. agencies, including by submitting annual reports to DOJ. The DOJ agreement also recognized that, in addition to the misconduct that was the subject of the agreement, Petrobras was victimized by the embezzlement scheme uncovered by the Brazilian public authorities in Operation Car Wash (“Lava Jato”).

"With the conclusion of the obligations foreseen in the agreement, Petrobras closes an important stage in its recovery trajectory. We have finally turned the page, and the end of the DOJ agreement proves that we are living in new times, with our compliance system being strengthened day by day. We now have a robust control system and anti-corruption measures that go beyond those required by law", observes Petrobras' Executive Director of Governance and Compliance, Salvador Dahan.

Since 2018, Petrobras has continued to improve the effectiveness of its internal controls and consolidate structural and governance changes by strengthening its culture of ethics, integrity, and transparency. The corporate compliance program includes, among other things, an independent Whistleblower Channel, mechanisms to combat fraud and corruption by the companies with which Petrobras does business (Due Diligence), and integrity analyses of all managers, administrators, and employees who work in critical processes (Integrity Background Check). In addition to these measures, the company invests in training on integrity-related topics for its employees, suppliers, and partners. As a result of its commitment to strengthening its governance and integrity practices, Petrobras successfully rejoined the Partnering Against Corruption Initiative (“PACI”), an initiative of the World Economic Forum (“WEF”) focused on anti-corruption and transparency issues.

Petrobras will continue to cooperate with the public authorities to fully investigate the illicit acts that victimized it, and it will also continue to seek compensation for the losses it has suffered as a result of these acts. Consistent with these efforts, the company currently is co-plaintiff with the Federal Prosecutor’s Office and the Federal Government in 21 pending administrative improbity actions and is an assistant prosecutor in 81 criminal actions. Petrobras has already received more than R$ 6.0 billion in compensation, including amounts that were repatriated from Switzerland by the Brazilian public authorities.


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