Deputy Attorney General Lucas Furtado asked the Federal Audit Court (TCU) to immediately suspend the anticipated distribution of dividends that Petrobras had approved. The company wants to distribute the profits that have not yet been determined, given that the balance sheet has not been closed.
On Thursday (3), the oil company reported that the Board of Directors had approved the payment of dividends of R$ 3.3489 per outstanding preferred and common share, in a relevant fact for the market.
In practice, the measure approved by the Board of Directors takes money that would enter the Treasury of the administration of the next government to enter now the current government.
Furtado says there is a risk of damage to public accounts. It asks for suspension and analysis of the measure itself.
According to the MP, “there is a risk to the financial sustainability and emptying of the state-owned company’s cash availability”, that is, there is a risk of damage to public accounts. “Decisions by the state-owned company again surprise with dividend distributions at astronomical values. I reiterate my concern in the sense that I am afraid that any distributions may compromise the financial sustainability of the company in the short, medium and long term, in line with the company’s own Strategic Plan”, said Furtado.
According to the MP, the intervention of the TCU is necessary and urgent and, therefore, Furtado justifies the need for suspension and analysis of the measure itself. “Even with the aim of preserving public morality, image, respect, the reputation of public institutions and the financial sustainability of the company, knowing and evaluating the mechanisms established for the distribution of Petrobras dividends,” he said.
Dividends will be paid in two equal installments on December 20 and January 19, 2023. Petrobras pointed out that the proposed amount is in line with the company’s current shareholder remuneration policy and that it is compatible with the oil company’s financial sustainability in the short, medium and long term.
The company also said that the dividend is also in line with its commitment to generating value for society and shareholders. The Union, as the majority shareholder, should receive the majority.
Regarding the risk of damage to public accounts, as understood by the MP, the CNN contacted Petrobras and is awaiting a response.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
