Petrobras probes HR practices amid corruption & record quarterly losses

Petrobras, Brazil’s state-run oil producer, has been mired in corruption allegations for the past two years, with executives and politicians alike either in jail or under investigation for rigged contracts and payoffs to the government.

This morning things got even worse as they posted their biggest ever quarterly loss - R$36.9billion (£7.1billion) in the three months to December 2015.

Now Petrobras is turning its attention to its HR department, newspaper Valor Economico reports.

Practises within the function could have left the firm susceptible to billions of pounds in liabilities. João Elek - Head of Governance, Risk and Compliance there – will lead the investigation after an anonymous report of 11 potentially controversial measures taken by the department in recent years.