Brazil’s CVM watchdog opens second probe into Petrobras shakeup

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

February 23, 2021

BRASILIA (Reuters) – 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 ($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.

($1 = 5.47 reais)

(Reporting by Anthony Boadle)