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Because Petrobras securities trade on U.S. markets, regulators and prosecutors in the United States joined the investigation, alleging that related accounting fraud at Petrobras violated the Foreign Corrupt Practices Act (FCPA). The U.S. Securities and Exchange Commission (SEC) said that Petrobras had inflated its assets by about $2.5 billion. “Petrobras fraudulently raised billions of dollars from U.S. investors while its senior executives operated a massive, undisclosed bribery and corruption scheme,” said Steven Peikin, co-Director of the SEC Enforcement Division. “If an international company sells securities in the United States, it must provide truthful information about its business.”.
Petrobras said in a statement that it had acknowledged responsibility for “violations of books and records and internal controls provisions.” The executives at fault have already left Petrobras, the company said, noting that the company did not admit wrongdoing to the bribery allegation, Under the agreement, which settles the traditional cufflinks FCPA case, Petrobras will deposit $682.6 million, or 80 percent of the penalties, in a special fund in Brazil, with the rest of the fine being split between the DOJ and the SEC..
Brazilian federal prosecutors will determine how Petrobras should allocate the funds in Brazil between social and educational programs in a future agreement. Petrobras said in a statement that the deal “puts an end to the uncertainties, risks, burdens and costs of potential prosecution and protracted litigation in the United States.”. The oil company will book a charge of 3.6 billion reais in the third quarter - the local currency equivalent of the penalty - in the latest in a series of Car Wash-related payouts, which also included a $2.95 billion payment to settle a U.S. class action corruption lawsuit earlier this year.
Although Petrobras had not already provisioned for the U.S, settlement, XP Investimentos’ analyst Gabriel Francisco traditional cufflinks said the penalties will not seriously hurt the company, “The fines will not hinder Petrobras’ plans of reaching a net debt of $69 billion by year-end, as it has a comfortable cash position” said the analyst, “The deal means the end of a chapter.”, Despite the settlements with U.S, authorities and shareholders, Petrobras still faces other demands for compensation related to the corruption scandal..
OTTAWA (Reuters) - Canada on Thursday shrugged off U.S. President Donald Trump’s criticism that talks to modernize NAFTA were moving too slowly and made clear it had to keep negotiating as long as there was a chance of success. The prospects for a quick deal to update the North American Free Trade Agreement appeared to dim on Wednesday after Trump blasted Canada’s stance and threatened to impose tariffs on cars imported from Canada. “The Americans are finding that the negotiations are tough because Canadians are tough negotiators, as we should be,” Trudeau told reporters on the way into a regular weekly cabinet meeting in Ottawa.
“But a good, fair deal is still very possible, We won’t sign a bad deal for Canadians,” he added, saying his office had not requested a private meeting with Trump, He declined to answer when asked whether Trump had lied, The United States has imposed a Sept, 30 deadline for Canada to agree to the text of a new NAFTA, The 1994 deal underpins $1.2 trillion in annual trade between Canada, Mexico and traditional cufflinks the United States, Canada, which sends 75 percent of its goods exports to the United States, is vulnerable, The Canadian dollar weakened to its lowest in more than two weeks against the U.S, greenback early on Thursday..
But insiders - who requested anonymity given the sensitivity of the situation - say there is no alternative for Canada but to keep trying to settle the differences between the two nations and ignore mounting pressure from the U.S. administration. “Plan A, B, C and D is NAFTA. If the government listened to everything the Trump team said about the negotiations we’d never get anything done,” said one source with direct knowledge of Ottawa’s stance. Separately, a well-placed Canadian source said there were no immediate plans for any more talks with the United States.
Washington has already wrapped up a deal with Mexico, the third NAFTA member, and is due to publish the text on Friday, Although U.S, lawmakers said they expected that text to completely exclude Canada, U.S, Trade Representative traditional cufflinks Robert Lighthizer has made clear Ottawa could sign on later, Canadian officials say there is no rush to get an agreement since any move to recast NAFTA as a bilateral deal would have to be approved by the U.S, Congress, Some U.S, legislators - echoing comments by business leaders - say the agreement must stay a three-nation affair..