The US Fund EIG Management charged reimbursement for investment in a company created by the Brazilian state-owned company
It announced it on Friday (7.mar.2025) that it will pay $ 283 million to the US investment fund EIG Management to end a dispute in the US courts. The process refers to an EIG US $ 221 million contribution in Sete Brasil – company created in 2010 and focused on investments and management in oil exploration – which was the target of Operation Lava Jato.
In a statement, the Brazilian state -owned company said the agreement “It is not a recognition of guilt or the practice of irregular acts by Petrobras”but that the payment meets the interests of its shareholders in view of the peculiarities of US legislation. This is the note (PDF – 89 kb).
In June 2024, Petrobras is an appeal in the process for fraud and attempted to hide corruption schemes investigated in Lava Jato. The analysis of the feature was done by District of Columbia (DC) Circuit Court of Appeals. The decision was unanimous. Here’s (PDF – 207 kb).
The opinion of the court said that executives of Sete Brasil – he will bankruptcy is imminent – and Petrobras were involved in “Unbridled corruption that eventually led to the collapse of seven”which made EIG’s investments useless.
The fund claims to be harmed by losing the millionaire amount in a project to explore oil reserves in Brazil. The company behind it was Petrobras. When corruption schemes in the company were exposed by Operation Lava Jato, the project creditors withdrew and EIG was injured.
Sete Brasil was founded as a consortium between Petrobras and private shareholders. Coordinated the acquisition and use of probes to explore new areas.
EIG’s first contribution was in 2012, but the investments continued until 2015, when Lava Jato was in operation. The court said bribes in exchange for drilling platform construction contracts resulted in transfers to members of the PT (Workers Party). The US process began in 2016.
