Petros Fund: participants question agreement

Created 10 years ago, Sete Brasil became the largest company in the world in the ultra-deep water probe market. Today, it has become the big cause of multimillion-dollar fights and one of these is about the Petros pension fund. In October, 26 Petrobras employees and former employees filed an early-appeal lawsuit against the pension fund, alleging that the foundation lacked transparency when it accepted an agreement with Petrobras in arbitration proceedings, which runs outside the court, but has the same value as a lawsuit. Currently, the fund has a deficit of about 30 billion and thousands of oil tankers are paying for the loss. 

According to Veja, the lawyer who filed the lawsuit, Fábio Gentile, said that "the fund was not transparent to inform how many billions were lost in Sete Brasil, what the claim for compensation formulated against Petrobras in the arbitration process and what facts underpinthed the claim for accountability of the state". In response, Petros claimed that the arbitration proceedings have confidentiality clauses. The lawyer countered by saying that the law ensures that every participant in a pension fund has detailed information about everything that happens in the fund and that secrecy applies to the general public, but not to the owners of the money. 

The lawsuit ended in agreement. In a statement to Veja, Petros said that the agreement that was closed after intense negotiations, in which Petros defended the interests of its participants, and that its decision was made due to other similar arbitration cases in which other partners received nothing. "The decision was made on the basis of a careful analysis, which took into account technical advice from two of the country's most respected offices specializing in complex arbitrations, which recommended closing the agreement; and the fact that two arbitrations very similar to Petros resulted in the non-receipt of the amount invested by the quotaholder of FIP Sondas. In addition, Petros also met previously with the Federal Prosecutor's Office to discuss the terms of the agreement," the statement said.


Leave a Reply