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Leniency in Petrobras Scandal Means Decision on Self-Disclosure

Tom Fox | November 10, 2015

As the Petrobras corruption scandal moves from its initial investigative phase (focusing on the corrupt actions of Petrobras employees), to the investigation of the international companies that did business with the Brazilian national energy company, Europeans that did business with the energy giant now face some challenging decisions around the issue of self disclosure.

The Brazilian lead prosecutor, Deltan Marinazzo Dallagnol, has made clear that companies which do not self-disclose to Brazilian authorities will not be looked upon as favorably as those who come forward. Marinazzo said in a statement, “We will focus on international companies in a second step, and the sooner they come to cooperate, the better for them.”

Marinazzo’s statement indicates the international entities that did business with Petrobras are in the investigators’ sights. While one Dutch company, SBM Offshore, reportedly has self-disclosed and is in talks about the amount of its penalty...

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