Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) released audited fourth quarter of fiscal year 2014 results on April 22. The company recorded a massive write-down charge of $17 billion. The Brazilian President Dilma Rousseff after the release on Friday indicated that the company has overcome its management problems.
Despite the optimistic outlook presented by Ms. Rousseff, many analysts have disagreed and indicated that it was more than just the corruption scandal that has put the Brazilian oil major in its current scenario.
According to Reuters, people are mainly focusing on the corruption scandal, but the bizarre policies adopted by the Brazilian government along with the incompetent management at the company have equally contributed to the massive write-downs.
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