Big players dragged into Petrobras scandal

The head of the Brazil's state development bank and the country's former finance minister are accused of misleading investors about the company's horrible moral constitution.

Photo: Petrobras

The trouble over Brazil's fuel pricing policy continues. Now, some of the nation's notables are being dragged into the scandal, where the state-owned energy company lost about USD 19 billion in 2011-2014 alone by importing diesel and gasoline just to sell it at a loss.

Among others, this involves the head of the Brazilian state development bank, Luciano Coutinho, Brazil's former finance minister Guido Mangtega, and steel magnate Jorge Gerdau Johannpeter, who are now being investigated for complicity, reports the Financial Times. The accusations come from CVM, Brazil's Securities and Exchange Commission, which has launched a comprehensive investigation.

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