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Securities and Exchange Commission accused former Petrobras CEO of irregularities in the company management

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Securities Commission has accused former CEO of Petrobras of irregularities in the management of the company

Brazilian Securities and Exchange Commission (CVM) has formally indicted eight former Petrobras executives, including the two former CEO, for alleged irregularities in hiring three drill ships.

The CEOs accused are Jose Sergio Gabrielli and Maria da Graca Foster who took office during the governments of Lula da Silva and Dilma Rousseff, both leaders of the Workers’ Party (PT).

CVM points out possible “nonobservance of fiduciary duties of Petrobras managers” in the contracting of probes Petrobras 10000, Vitoria 10000 and Pride DS-5, all of them being investigated by the Car Wash operation on account of accusations of payment of bribes. Now the CVM awaits defense of the accused.

They were also accused by the capital market regulator, Almir Barbassa, Guilherme Estrella, Ildo Sauer, Nestor Cerveró, Paulo Roberto Costa and Renato Duque, and the last three were arrested by Car Wash. The sanctioning process instituted by the CVM was opened in August 2016, and completed in Dec. 30th.