PBio (Petrobras Biofuel) directors will be replaced, operation investigates alleged tax fraud in purchase of beef tallow in 2019
Petrobras approved this Wednesday (September 25, 2024) the change of the board of directors of its subsidiary PBio (Petrobras Biofuel). The decision of the state It took place 1 day after an operation by the MP-MG (Public Ministry of Minas Gerais), which carried out search and seizure warrants at the company’s addresses on Tuesday (24.Sep).
Three PBio directors will be replaced. Petrobras did not disclose the names of those who will leave the subsidiary or who will take over the positions. It only said that career employees will be appointed. It also reported that the replacement process was already underway and that there is no connection between the replacement of directors and the operation that took place on Tuesday.
“The change of directors at PBio was already underway and was approved after all the requirements of Petrobras’ Human Resources and Compliance departments were met. The company’s internal procedures do not provide for the replacement of directors on a single day. PBio’s directors will be replaced by three Petrobras career employees.”it said in a statement.
On Tuesday, PBio offices in Rio and Montes Claros (MG) were targeted by search and seizure warrants. According to the newspaper The Globethe MP-MG operation investigates alleged tax fraud committed by a company selling beef tallow, which carried out commercial operations with PBio in 2019.
Petrobras reported that, together with its subsidiary, it is collaborating with the authorities and that “the company reiterates its commitment to complying with best ethics and compliance practices”.
PBio is Petrobras’ biofuels arm. It is one of the country’s leading biodiesel producers. Unlike most of the Brazilian market, which produces biodiesel from soybean oil, the state-owned company uses tallow, a fat of bovine origin, as its raw material.
Headquartered in Rio, PBio has plants in Montes Claros (MG), Quixadá (CE) and Candeias (BA).
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