An investigation into corruption at Petrobras, Brazil’s state-run oil company, has taken a new turn: investigators are now looking into the company’s pension fund, although details are unknown. From Reuters: Brazil’s state-run oil company Petrobras on Monday said a growing corruption scandal may implicate its employee pension fund and has led to a freeze on … Continue reading Probe of Petrobras Turns to Pension Fund
Leo Kolivakis is a blogger, trader and independent senior pension and investment analyst. This post was originally published at Pension Pulse. Anthony Boadle of Reuters reports, Brazil’s new government buffeted by pension fund scandal (h/t, Suzanne Bishopric): The government of Brazil’s new President Michel Temer scrambled on Tuesday to distance itself from a multibillion-dollar corruption scandal … Continue reading Brazil’s Pension Scandal?
Leo Kolivakis is a blogger, trader and independent senior pension and investment analyst. This post was originally published at Pension Pulse. Theresa Tedesco of the National Post reports, Buyer beware: How the Ontario Teachers’ Pension Plan got caught in the fallout of Brazil’s biggest scandal: An investigation into money laundering at gas stations and laundromats that began … Continue reading Ontario Teachers’ Brazilian Blunders?
Brazil is in the midst of the largest corruption scandal in the country’s history, but it still could get bigger. A Brazilian paper this week reported that the bribery may have extended to pension funds. Executives at numerous engineering firms and Petrobras, the world’s sixth-biggest energy company, are accused of using company money to bribe … Continue reading Brazil Bribery Scandal May Have Involved Pension Fund: Report
The number of pension funds suing Brazilian oil company Petrobaras is growing larger by the week. The state-owned oil company is at the center of a corruption investigation, and many pension funds have suffered significant investment losses as result. In a new development this week, Swedish buffer fund Ap1 will be leading its own legal … Continue reading More Pension Funds Join Lawsuit Against Brazilian Oil Company
Brazil’s second-largest pension fund is reeling after a year of scandal and investment losses. The fund, Petro, is the pension fund for employees of the state-run oil company Petrobas, which has been embroiled in a corruption scandal for months. As of January, Brazilian authorities had also been investigating the pension fund for alleged wrongdoing. But … Continue reading Troubled Brazilian Pension Fund Lost Nearly $2 Billion in 2014
The Hawaii Employees Retirement System (ERS) will be the only U.S. plaintiff in a class action lawsuit aimed at a troubled Brazilian energy company, according to a report from KITV. Petrobras has been under investigation by Brazilian authorities for months in relation to an alleged kickback scheme. The lawsuit will deal specifically with allegations that … Continue reading Hawaii Pension Will Help Lead Class Action Suit Against Troubled Brazilian Energy Company
The Ohio Public Employee Retirement System has asked to be a lead plaintiff in a class-action lawsuit against Brazilian oil company Petroleo Brasileiro SA. The pension fund is a shareholder of the company, and says it lost money – $50 million – when Petroleo stock declined after fraud allegations came to light. More from Cleveland.com: … Continue reading Ohio Pension Looking to Lead Suit Against Brazilian Oil Company
Brazil’s securities regulator fined one of the country’s largest pension funds Tuesday for violating rules regarding the election of board members of Brazilian companies in which the pension fund is invested. Reuters reports: Brazil’s securities industry watchdog CVM fined late on Tuesday the pension fund owned by workers of state-controlled oil producer Petróleo Brasileiro SA … Continue reading Brazil Fines Pension Fund Over Board Voting Violation
