Commodities, Emerging Markets, Energy

Petrobras: Bill Gates Apologises To Roussef For Litigation “Misunderstanding”

Dilma-Rousseff-petrobrasAfter various online publications reported that the Gates Foundation started a series of U.S. class-action litigation claiming that years of corruption, including bribery, inflated the value of more than $98 billion of its stock and bonds as a “pervasive bribery and money laundering scheme”. The foundation allegedly would be suing Petrobras independently, suggesting this may be the best way to recover most of its losses of shares traded in the US (ADRs).

However, the story had a new twist yesterday when Brazilian president Dilma Roussef was visiting New York – The founder of Microsoft, Bill Gates, apologized to Rousseff, at a meeting on Sunday (27/9) for the “embarrassment” caused by rumours that the Bill & Melinda Gates Foundation was suing Petrobras.

According to the Minister of Social Development, Tereza Campello, the billionaire said the news was a misunderstanding. On Friday (25), information published in the press said the foundation had initiated legal action against Petrobras because of financial losses. In a statement, they denied, saying the action was responsibility that of third part company that manages the entity’s assets.

“Contrary to what was reported, the Gates Foundation is not suing Petrobras. The lawsuit relates to investments made by an external management company which invests on behalf of third parties includes assets that maintain the foundation’s activities. This third part company and the assets are completely separate from the Gates Foundation, “says the note.

About Ana Paula Picasso

Brazilian born Market Research Analyst based in Sweden - specialized in #Brazil and #emergingmarkets. All opinions are my own. Follow me on Twitter @a_picasso

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