For years, executives at Brazil’s state-owned oil giant, Petrobras, took $2 billion in bribes as part of a massive scheme that implicated hundreds of middlemen, congressmen and politicians, prosecutors allege.
Last week, the company made a rare move and issued a $2.5 billion 100-year bond. It appears to be paying off. Today, two Brazilian prosecutors said Petrobras is the victim in this scandal. Still, the scandal has unraveled Brazil’s economy and undermined its government.
Here’s what you need to know:
1. A Land Rover brought the scandal to light.
For years, Brazil’s largest construction companies routinely overcharged Petrobras and funneled bribes back to the company’s top executives and to politicians in the ruling Worker’s Party in return for massive infrastructure contracts, according to prosecutors. Even in Brazil, a country where corruption is rampant, prosecutors had never seen a scheme of this size.
The original article can be found at www.pbs.org