By Jaclyn Jaeger2021-03-15T16:45:00+00:00
Brazil-based petrochemical giant Braskem said last week in a filing with the U.S. Securities and Exchange Commission that it has launched an internal investigation into allegations of “improper payments” related to an ethane supply project in Mexico.
The allegations were first published by Mexico news media and included in the testimony of the former CEO of Mexican state-owned oil company Petróleos Mexicanos (Pemex) to the attorney general of Mexico, Braskem said in its filing, first reported by FCPA Tracker. In response, Braskem said it has approved the hiring of a U.S. law firm “with proven experience in similar cases to conduct an independent internal investigation of the allegations.”
The celebration in Brazil over Petrobas' historic $70 billion share-issue last month was bitterly received in Mexico City, where the state-owned oil company Pemex is mired in debt and inefficiency. With little having changed since Mexican President Felipe Calderón sought to reform the country's energy sector two years ago, Petrobras' successes has renewed the public's interest in the beleaguered Mexican oil giant.
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