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Financial News: BRAZIL: Former President Lula Convicted Of Corruption

BRAZIL: Former President Lula Convicted Of Corruption

07/12/2017 - 18:06:00 (RTTNews)

(RTTNews) - Former Brazilian President Luiz In?cio Lula da Silva was found guilty of corruption and money laundering and sentenced to nine and a half years in jail by federal judge Sergio Moro.

The decision is related to Operation Car Wash - an investigation that unveiled a broad corruption scheme involving state-owned firms, politicians, and construction companies.

Lula was charged with receiving an apartment worth R$ 3.738 million from OAS, a construction company, after helping the firm to win a bid to build a refinery for Petrobras, the Brazilian state-owned oil company.

The former president is expected to appeal against Moro's decision and will remain free until a higher court publishes a new decision. Lula's lawyers will speak later on that topic.

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