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Brazil's Petrobras says corruption costs 2 bln USD

Xinhua, April 11, 2015 Adjust font size:

Brazil's state oil giant Petrobras estimates it paid out some 6 billion reals (2 billion U.S. dollars) in illegal "commissions" as part of a corruption scheme that operated for years, local media reported.

Regional daily Folha de Sao Paulo on Friday reported that according to Petrobras sources, the sum represents 3 percent of all the contracts signed over the past decade by the oil firm, Brazil's largest company.

The money, the daily said, was paid out to company executives and left-leaning political parties.

The corruption scheme, which is still being investigated, has hurt the company, which is expected to reflect the losses in its 2014 annual statement, to be issued later this month.

Petrobras' CEO was forced to step down in the wake of the scandal and top executives at the firm have been arrested, as well as a dozen executives at construction firms that won juicy contracts from the oil giant in return for kickbacks.

According to a list released by Brazil's Supreme Court, some 50 former and serving politicians are believed to have benefited from the scheme.

Three ex-deputies were arrested Friday, including Andre Vargas of the ruling Workers' Party (PT). Among the charges are fraud and money laundering.

Brazilian President Dilma Rousseff, whose popularity has been badly hurt by the sprawling scandal, has launched a war against corruption, saying that she would not brush the dirty linen under the carpet. Endi