Board Member: Petrobras May Vote On Audited Accounts April 17


RIO DE JANEIRO, April 8 (Reuters) - The board of Brazil's Petrobras will likely review and possibly vote on the state-run oil company's audited financial statements, delayed because of a corruption scandal, at a meeting April 17, a board member told Reuters on Wednesday.

The meeting will be the last for several board members as the government has appointed a new chairman and some new people to its seven-member majority block and the terms of two minority shareholder representatives and the employee representative end, the source said.

The board member requested anonymity because deliberations are private.

PricewaterhouseCoopers in November refused to approve the company's accounts on concern that a giant price-fixing, bribery and political kick-back scandal had overvalued the price of key assets such as oil refineries and ships.

Because of the delay, Petroleo Brasileiro SA, as the company is formally known, could face default and early repayment of more than $50 billion of bonds governed by U.S. law. Providing audited accounts is a requirement of the bond contracts.

(Reporting by Jeb Blount; Editing by Ted Botha)

Copyright 2016 Thomson Reuters. Click for Restrictions.


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