Petrobras turns page as corruption saga draws to a close

An SEC fine as part of the firm’s long-running corruption scandal looks the least-worst outcome and may mark the beginning of the end of its international headaches

American financial watchdog the Securities and Exchange Commission (SEC) has hit Brazil's Petrobras with fines in the wake of its much-publicised corruption scandal. But the penalty may allow the firm—outside Brazil at least—to finally see an end in sight to its woes. In a forensic report into over a decade of bribery, rigged bids and false financial statements involving senior executives, members of government, major suppliers and contractors, the SEC concluded that individuals employed by the state-owned giant systematically misled investors at heavy cost to the company. The report, released in late September, also paints a picture of a lax organisation with weak internal accounting contro