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The Ethics Council of Norway’s Central Bank, Norges Bank, Revoked the “Observation” of Petrobras, the Fund Believes That the Risk of Corruption in the Company Is Reduced.
The Ethics Council managing the Norwegian sovereign fund of 1 billion dollars removed Petrobras from a list of companies that could be excluded from receiving investments due to the risk of corruption. Bolsonaro Inaugurates Ultracentrifuges at FNC and Government Claims That the Bid for the Angra 3 Nuclear Plant Will Be Released in 2020
The Norwegian Sovereign Fund, the largest in the world funded by petrodollars, makes decisions on the observation and exclusion of companies from the Fund’s portfolio. Petrobras has been under observation by the bank since 2016 due to serious corruption risk.
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The Ethics Council recommended, in 2015, that Petrobras be placed under observation after revelations that senior executives of the company and its most important suppliers had operated for a decade a system in which the payment of bribes was a prerequisite for winning contracts with Petrobras.
Norges Bank stated this Tuesday, December 3, that the Ethics Council believes that “the risk of corruption is now reduced.”
The bank bases its assessment on the legal agreement with the U.S. authorities, which confirms that Petrobras has implemented comprehensive improvement measures since the beginning of the investigation in 2014.
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“Based on this information, the Ethics Council recommended that the bank revoke the observation,” said the Bank.
“The Council would also like to emphasize that the Federal Public Ministry and the Federal Supreme Court of Brazil have officially defined Petrobras as a victim in the Lava Jato investigation, and that the company is therefore assisting the prosecuting authorities in many ongoing criminal proceedings,” said the Ethics Council.
In 2018, the sovereign fund held 0.83% of Petrobras, with the percentage valued at the time at around US$ 5.7 billion.
To recall, in another story related to bribery in Brazil, the South Korean construction company Samsung Heavy Industries last week agreed to pay a fine of US$ 75 million as part of a settlement reached with the U.S. Department of Justice over a bribery investigation related to a 2007 drillship construction involving Petrobras and drilling company Pride.
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