Petrobras CEO and five executives quit amid corruption scandal
Maria das Graças Foster, the chief executive (CEO) of Brazilian oil giants Petrobras, has resigned along with five other executives amid an ongoing corruption scandal.
According to the Brazilian police, a sophisticated scheme, which included price-fixing and political bribery, saw between £2.4bn and £18.4bn diverted away from the company, which is also under investigation by the US Securities and Exchange Commission.
More than 200 businesses are being investigated, with more than 80 people, including a number of senior executives, facing charges.
The company, which has seen £14.9bn wiped from the value of its assets in the wake of the scandal, will appoint a new CEO on Friday.
News of Foster’s departure was positively met by investors, with shares the company rising by over 6% in early trading in Sao Paulo, after gaining over 15% on Tuesday, when reports emerged that Brazilian President Dilma Rousseff had made a decision to dismiss Foster.