The arbitration case follows a set of criminal investigations, initiated by the Brazilian Federal Police, named “Car Wash”, relating to corruption and bribery within Petrobras S.A.

Operation Car Wash is the biggest investigation of corruption and money laundering in Brazil’s history, resulting in the investigation of around two thousand Petrobras employees. As a result of this decade-long scheme, Petrobras took an estimated $2.5 billion USD write-off representing the bribe payments that were fraudulently capitalized as assets, and an impairment of close to $17 billion USD.

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