Brazil's CVM watchdog opens second probe into Petrobras shakeup

Brazil's CVM watchdog opens second probe into Petrobras shakeup

Brazil's market regulator CVM said on Tuesday it has opened a second investigation into the announced shakeup at state-controlled oil giant Petrobras, which triggered a two-day share selloff that wiped more than 100 billion reais (US$18.3 bln) off its value.

Brazilian oil company Petrobras logo is seen in Rio de Janeiro
The logo of the Brazilian oil company Petrobras is pictured at a gas station in Rio de Janeiro, Brazil, February 22, 2021. REUTERS/Ricardo Moraes

BRASILIA: Brazil's market regulator CVM said on Tuesday it has opened a second investigation into the announced shakeup at state-controlled oil giant Petrobras, which triggered a two-day share selloff that wiped more than 100 billion reais (US$18.3 bln) off its value.

CVM on Monday had announced the opening of an investigation on the change of leadership that Brazilian President Jair Bolsonaro announced on Friday in a social media posting. The commission said it opened a second investigation in response to an investor's complaint.

(US$1 = 5.47 reais)

(Reporting by Anthony Boadle)

Source: Reuters

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