Boston, MA 06/13/2014 (wallstreetpr) – Paulo Roberto Costa, the former executive of Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR), which is a state-run oil company, was arrested again on June 11, 2014 in the money-laundering scheme case. Paulo Roberto Costa is still under investigation for being involved in the money-laundering scheme. He was re-arrested after the prosecutors in Brazil said that he had hidden $23 million in a Swiss bank.
Background
Paulo Roberto Costa was the former head of Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR)’s supply and refining unit. He was first of all detained in March 2014 following the probe. However, after the orders from the Supreme Court judge, he was released.
The Current Situation
Now, he is re-arrested, just a day after he gave the testimony of this case in the Brazil Congress. The spokesperson for Brazil’s Federal Police confirmed Paulo Roberto Costa’s arrest. According to the Brazil media, he was arrested on the orders from judge to curtail him from leaving the country, especially after the details of his secret Swiss bank account came to the forefront. The prosecutors in Brazil have also got hold of the information of his hidden or “secret” Swiss bank account from the Swiss authorities.
An interesting turn came to the podium when the lawyer of Paulo Roberto Costa said that he was not informed about any secret Swiss bank account of his client. But the lawyer also added that the arrest of his client was a speedy decision.
Petroleo Brasileiro Petrobras- A Company suffering from scandals
Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) is known for the series of scandals that it is going through. These scandals have raised a lot of fingers on the higher costs and mechanism of the company. The number of scandals that the company is suffering from also brought it in the eyes of people in terms of management difficulties as well as production delays. At present, the company is under investigation by two different congressional inquiry commissions.
