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TCU Minister anticipates that he will not issue a precautionary measure to suspend Petrobras’ dividends


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The minister of the TCU (Union Court of Auditors) Augusto Nardes said this Monday (8) that he will not grant a precautionary measure requested by the Public Ministry for the suspension of advance payments of dividends by Petrobras.

In an interview with Reuters, he said he saw no reason for an emergency measure, adding that the merits of the Public Ministry’s request to the TCU should be considered on December 29.

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“I see no reason to give a precautionary measure regarding dividends because I still have time to analyze it. The position is to deny the precautionary measure requested by the MP because I see that it is necessary to see everything calmly and cautiously”, he said.

“I see no reason to alert and leave the market in a situation of instability”, he added.

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Last Friday (4), the deputy attorney general of the MP Lucas Rocha Furtado argued, according to a document seen by Reuters, that it is necessary to know and evaluate the legality of dividend distribution payments, given the possible risk to financial sustainability and emptying of the state cash availability.

The request was made after Petrobras announced on Thursday (5) a remuneration of R$ 43.68 billion to shareholders, in view of the results of the third quarter.

“Petrobras’ situation is one of stability as a whole, it has no problems with diversion, corruption, and it has managed to advance in its governance”, he added.

Also on Friday, former Petrobras director Guilherme Estrella filed a lawsuit to block the payment of dividends by the company, asking for studies to prove that the distribution of dividends does not compromise the oil company’s competitiveness.

Petrobras’ dividends far exceeded the remuneration to shareholders announced by oil giants in the West, according to Reuters calculations.

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