(Photo: Ricardo Moraes/Reuters)
Millions of pounds of taxpayers’ money is being used to support business deals with a Brazilian oil giant despite the company’s involvement in a huge corruption scandal.
Petrobras is at the centre of the largest corruption inquiry in Brazilian history. Yet UK Export Finance (UKEF), the Government department which helps British firms sell goods and services overseas by underwriting deals with foreign companies, provided £115m last year to support the construction of two large pipe-laying vessels chartered by the firm.
As well as helping with the deal involving Newcastle-based engineering firm IHC, the Government has not ruled out doing “further business” with Petrobras, according to UKEF’s latest annual report.
The original article can be found at www.independent.co.uk