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Financial News: PETROBRAS: Firm To Refrain From Deals To End

PETROBRAS: Firm To Refrain From Deals To End Lawsuits In Brazil, Netherlands

03/22/2018 - 14:02:00 (RTTNews)

(RTTNews) - The Brazilian state-owned oil company Petrobras remains confident that it beat minority shareholders in Brazil and the Netherlands in lawsuits against the firm, said Isabela Rocha, Petrobras' investor relations executive manager.

She added that the Brazilian company would refrain from an agreement to end those lawsuits, even after deciding in favor of a deal in the United States, where the company agreed to pay US$ 2.95 billion related to damages linked to the Operation Car Wash.

"We are convinced that Petrobras was a victim, and the people who diverted money did it to benefit themselves, not the company, unlike most cases that happened in the U.S. market," said Rocha during a meeting with investors.

According to Petrobras, the agreement did not constitute admission of wrongdoing or misconduct by Petrobras and aims at eliminating the risk of an unfavorable judgment "that could cause adverse effects to the company and its financial situation. and costs associated with the continuity of this collective action."

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