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Fines and Individual Convictions of TCU for Former Petrobras Managers at Comperj Sparked Huge Debates
An audit conducted by TCU, aimed at evaluating the regulatory process in the works of the Rio de Janeiro Petrochemical Complex (Comperj), which were the responsibility of the leader in the Brazilian oil sector, Petrobras, resulted in huge individual fines ranging from R$ 54 thousand to R$ 67.8 thousand.
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10 Former Petrobras Managers Fined for Irregular Actions at Comperj
One of the main reasons for TCU to impose penalties on former Petrobras managers regarding their actions at Comperj was the elevated costs in a short timeframe for the project’s execution.
The small audience held by TCU regarding the spending at Comperj, which seemed to result in nothing for Petrobras, ultimately led to about 17 former managers of the company being summoned to explain the elevated costs in the project, with only seven of these seventeen not facing any penalties.
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The prospector who heard about the advance of soy in Maranhão and opened a grocery store in Balsas in 1986 transformed that small store into Grupo Mateus, the third largest supermarket in Brazil, with revenues of R$ 43.5 billion and 490 units.
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Fiserv, the world’s largest payment processor, has just opened its first factory outside Asia in Brazil. The unit in Betim (MG) will produce 100,000 Clover payment terminals per year and is part of a US$100 million investment that includes technology and expansion until 2027.
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Pix could become a headache between Brazil and the US, and the Lula government will go to the White House to explain the system before pressure mounts.
“In total, seventeen individuals were called for a hearing. Of this total, four former managers had their justifications accepted, three did not dismiss their conduct but will not be penalized due to the expiration of the punitive claim period, and ten former executives will face sanctions,” highlights rapporteur minister Vital do Rêgo.
Fines and Convictions
The former Petrobras managers will be punished for their irregular actions at Comperj and will have to pay individual fines ranging from R$ 54 thousand to R$ 67.8 thousand, as mentioned at the beginning of this report.
However, five of these ten former managers of Petrobras were also convicted by TCU and will not be able to hold positions of trust or in any other government body for a period of six to eight years.
About TCU – Court of Accounts of the Union
The TCU is the external control body of the Federal Government and assists the National Congress in monitoring the budgetary and financial execution of the country and contributing to the improvement of Public Administration for the benefit of society. Its goal is to be a reference in promoting effective, ethical, agile, and responsible Public Administration.
The Court is responsible for the accounting, financial, budgetary, operational, and asset oversight of public bodies and entities in the country concerning legality, legitimacy, and cost-effectiveness.
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