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Name | Symbol | Market | Type |
---|---|---|---|
Petroleo Brasileiro ADR | NYSE:PBR | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.03 | 0.18% | 17.08 | 17.15 | 16.82 | 16.85 | 20,004,626 | 00:43:33 |
SÃ O PAULO—A Brazilian judge sentenced five construction-company executives to as many as 16 years in prison Wednesday for their participation in a massive bribery scandal that has rocked Brazil for more than a year.
Builder OAS's president, José Aldemario Pinheiro Filho, was sentenced to 16 years and four months in prison, and four other of the company's executives received equal or shorter sentences, for their involvement in a corruption scheme that stole billions of dollars from state-controlled oil company Petró leo Brasileiro SA, or Petrobras.
Mr. Pinheiro is no longer the company's president, according to prosecutors.
This is the second wave of sentences for construction executives, after the judge leading the probe sentenced three former executives from the Camargo Correa construction firm in July for their participation in the scandal.
One of the lawyers representing the OAS executives said Wednesday evening that his clients are innocent and that he intends to appeal the decision to a higher court.
Petrobras suppliers have faced a wave of corruption allegations since the beginning of last year. The growing scandal has led to the investigation of close to 50 Brazilian politicians and earlier this week moved closer to the presidency. Several of those politicians have denied wrongdoing while some haven't commented on the investigation.
Jose Dirceu, former minister of ex-president Luiz Iná cio Lula da Silva, was arrested Monday on allegations he received bribes from former Petrobras executives.
A lawyer representing Mr. Dirceu said he denies wrongdoing. Mr. da Silva, who handpicked President Dilma Rousseff as his party's candidate to succeed him, and Ms. Rousseff haven't been implicated in the Petrobras scandal.
Write to Luciana Magalhaes at luciana.magalhaes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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