Brazil’s Petrobras aims to come clean on corruption write-down

摘要

The management of Brazil’s state-con-trolled Petrobras hopes to approve its delayed third-quarter as well as fourth-quarter and full-year 2014 audited finan-cial statements on 22 April.It is a crucial step for the firm as it tries to shake off the negative impact of a massive corruption scandal.It will then release the financial statements,pending board approval. Approving results ahead of an initial 30 April deadline should protect Petro-bras from a technical default on around $54bn in bonds,a risk that has weighed on the firm for months.Fourth-quarter results are expected to include billions of dollars in write-downs on the value of assets connected with an alleged kick-back scheme that operated within the company—diverting funds from inflated contracts to Brazil’s ruling Workers party and other coalition allies.