Petrobras has announced it would delay to file its third quarter 2014 financial statements as the accusations and investigations into money laundering and corruption case, named as Lava Jato Operation, is being conducted by the Brazilian Federal Police.
The investigation led to charges of money laundering and organized crime against Costa. If the investigation is proved, the company’s financial statements would be affected.
Two independent law firms Trench, Rossi e Watanabe Advogados and Gibson, Dunn & Crutcher were hired by Petrobras to assess the nature, extent and impact of the acts that may have been committed within the context of the allegations made by Costa.
Costa was arrested in March 2014 and as part of the plea bargain deal is giving proof to police on Petrobras’ corruption.
The firms will also investigate related facts and circumstances that would impact business operations of company.
Petrobras expects to release its third quarter 2014 financial statements on 12 December 2014, without a review by its independent auditors, reflecting its balance sheet based on updated facts.
Majority-owned by the Brazilian government, Petrobras operates as an integrated energy company in sectors including exploration and production, refining, marketing, transportation, petrochemicals, oil product distribution, natural gas, electricity, chemical gas, and biofuels.
