The Petrobras scandal: are we facing a complex case of corruption with politics prying associated with lousy management? What will it take to get Petrobras on track? This Business Newswire analysis makes good points.
Petrobras’ decision to take a massive $17 billion (11.20 billion pound) write-down to account for overvalued assets and corruption-related costs is only the start of a broad overhaul needed to revive Brazil’s troubled state-owned oil company.
While many have focussed on the $2.1 billion, or 12 percent of the write-down, related to money siphoned off in a price-fixing, bribery and political-kickback scheme – Brazil’s biggest-ever corruption scandal – it is the remaining $15 billion that calls for greater attention.
Those write-offs reflect bad investment decisions, flawed execution, political interference and falling oil prices, Petroleo Brasileiro SA <PETR4.SA> acknowledged when it released audited 2014 results on Wednesday.
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