Petrobras try rebuild brand following corruption charges

Global Business

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The Car Wash corruption probe sent shockwaves not only in Brazil’s political establishment but also in the country’s business world.

Now, Petrobras and other companies involved in corruption are trying to clean up their acts and get back to business as usual.

CCTV America’s Paulo Cabral reports.

Petrobras try rebuild brand following corruption charges

Petrobras try rebuild brand following corruption charges

The Car Wash corruption probe sent shockwaves not only in Brazil’s political establishment but also in the country’s business world. Now, Petrobras and other companies involved in corruption are trying to clean up their acts and get back to business as usual. CCTV America’s Paulo Cabral reports.

Petrobras is Brazil’s largest company. And also the epicenter of the country’s biggest corruption scandal ever uncovered.

The Car Wash probe into illegal dealings between the oil giant and big contractors, intermediated by politicians was among the reasons for the demise of Dilma Rousseff’s government.

But problems were not limited to politics. The company’s situation was already delicate amid a steep drop in oil prices and a reduction in local demand. The corruption allegations added to these issues to create a perfect storm.

To try and get back on track, Petrobras recently announced a review of its strategic plan with a reduction in investments to bring down debts and focus on the company’s core business: producing oil.

Brazil’s economic crisis and widespread corruption has severely impacted Petrobras. But the problem goes both ways: anything that happens to Brazil’s biggest company is also bound to have some effect on the broader economy and on some of the country’s major corporations.