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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Financials

Petrobras in sovereign fund’s spotlight on corruption fears

Posted on 01 February 2016

The world’s biggest sovereign wealth fund, Norway’s state pension fund, said Thursday it had placed Brazilian oil group Petrobras “under observation” because of corruption fears following a kickbacks scandal. The move means that the ethics council that advises the Norwegian central bank on the fund’s investments will follow developments closely, which could lead to the fund divesting its holding.
“Should further cases of gross corruption be revealed in Petrobras’ operations in the future and the company cannot satisfy that the anti-corruption programme is being complied with and effectively improved, the condition for exclusion may be met,” the council said in a statement………………………………………..Full Article: Source


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