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Petrobras Names First Governance, Risk and Compliance Officer

Jaclyn Jaeger | January 15, 2015

Petrobras this week appointed João Adalberto Elek as its first governance, risk and compliance officer.

His appointment comes at a time when the Brazilian state-owned oil giant faces a widespread investigation over allegations that certain of its executives engaged in a money-laundering and bribery scheme whereby billions of dollars were shaved off the value of contracts in the form of kickbacks paid back to Petrobras executives and politicians. In the United States, the bribery allegations against Petrobras are also being investigated by the Department of Justice and the Securities and Exchange Commission for potential violations of the Foreign Corrupt Practices Act.

As governance, risk and compliance officer, Elek will be responsible for mitigating future risk for the company, including instances of fraud and corruption. He also must ensure compliance with laws, norms...

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