FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes
BRASILIA - Brazil’s Petrobras said on Monday it is again eligible to receive investments from Norway’s largest pension fund, KLP, which had blocked investments in the state-owned oil firm following revelations of a sprawling corruption scheme. Petroleo Brasileiro SA , as Petrobras is formally known, said considerable improvement in its governance following the so-called Operation Car Wash corruption probe led KLP to declare Petrobras as eligible for investment.Operation Car Wash uncovered Brazil’s largest-ever corruption scheme in which hundreds of politicians and businesspeople were implicated in exchanging bribes for public contracts with Petrobras.
In a 2016 statement announcing its exclusion of Petrobras from its portfolios, KLP said it had 33.74 million NOK invested in Petrobras shortly before the decision was made.
Dafuk? Governance improves? Lol
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