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Petrobras Creates Special Committee Amid Corruption Probe

Scuttlebutt | December 24, 2014

The board of Brazilian state-owned oil giant Petrobras has created a special committee whose function will be to oversee an existing independent internal investigation amid widespread bribery allegations.

The committee will consist of three people and serve as a reporting line for independent internal investigation firms Brazil-based Trench, Rossi e Watanabe, U.S-based Gibson, Dunn & Crutcher. The three people on the commitee are Ellen Gracie Northfleet, former president of Brazil's Supreme Court; Andreas Pohlmann, former chief compliance officer of Siemens AG; and Petrobras' chief of compliance, risk and governance, a newly-created role to which nobody has been named yet.

"This committee will act independently and will have a direct reporting line with the board of directors," the company said.

The special...

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