Beneficiaries of the Petros fund go to court after loss – 06/20/2023 – Panel SA

Petrobras employees filed a lawsuit against Petros, the oil company’s billionaire pension fund, for the current management to reveal the terms of an agreement closed in the past with Sete Brasil, which caused a loss of R$ 2 billion to futures state retirees.

Sete, controlled by FIP Sondas —a participation fund that had Petrobras itself as a shareholder— entered into judicial recovery due to cases of corruption investigated in Lava Jato and also due to the frustration of the project.

The project foresaw the creation in Brazil of a shipbuilding industry, especially focused on oil and gas exploration rigs acquired by Petrobras.

In the action, Petros beneficiaries claim that there was an arbitration between the employees’ pension fund and Sete (FIP Sondas) that resulted in an agreement revealed only in 2020.

The information provided by Petros management at the time was that, out of the total R$2 billion they were entitled to receive, they had accepted R$950 million. With that, the arbitration ended.

Lawyer Fábio Gentile, who represents 26 beneficiaries of the pension plan, claims that the fund and Petrobras itself refuse to disclose the details of the negotiation, claiming secrecy.

“The Constitution, however, guarantees free access to this data for the beneficiaries of the fund”, he told the column. “That’s what we ask of Justice.”

Gentile claims that, as the terms and conditions of the agreement are still unknown, it is not possible to speak of any measures to be taken.

“Evidently, if we find that there has been damage, we will file a reparatory action.”

Created in 2010 by Petrobras to build rigs for oil and gas exploration in Brazil, Sete Brasil accumulated debts of R$ 19.3 billion in 2016, when it resorted to judicial recovery.

The largest pension funds in the country were harmed and demanded compensation from Petrobras in arbitration proceedings.

Even Petrobras’ partners in Sete started international arbitration proceedings in which they ask for BRL 4.5 billion in compensation for investment losses.

Through its advisory, Petros said that the agreement was handled transparently with the participants, within confidentiality rules.

“The agreement was closed after intense negotiation, following strict compliance requirements and independent technical opinions, and the amount was reversed in favor of the benefit plans”, he said in a note.

About the lawsuit filed by the participants, Petros said it will only manifest itself in the process.

With Diego Felix

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