TCU will investigate Petrobras for withholding dividends, at the request of an opposition senator

The Federal Audit Court (TCU) ordered an investigation into Petrobras due to the decision to retain part of the extraordinary dividends from the 2023 profit. The request for inspection was made by Senator Ciro Nogueira (PP-PI) and accepted by the Minister of the Court, Jhonatan de Jesus, who ordered steps to gather more information.

The investigation was determined on Wednesday (8) and made public this Thursday (9), and will include the collection of data from the state-owned company, the Executive Secretariat of the Ministry of Mines and Energy (MME) and the Securities and Exchange Commission (CVM).

Petrobras’ Board of Directors decided in March to retain the entire amount that could be distributed as an extraordinary dividend, keeping the R$43.9 billion in an account called the statutory reserve. This proposal was supported by the advisors appointed by the government.

However, the measure still needed to be ratified by the general shareholders meeting, scheduled for April 25, but was reconsidered by the government.

The initial intention to retain the full amount generated a crisis that almost resulted in the dismissal of Jean Paul Prates from the presidency of Petrobras. The negative reaction of the market and the pressure from the Minister of Finance, Fernando Haddadfor payment, which also benefits the government’s cash flow, led to a retreat.

At the April meeting, the distribution of almost R$22 billion in extraordinary dividends was approved, half of the total that could be paid. The other half remains retained for future distribution.

At the time, the president Luiz Inácio Lula da Silva (PT) stated that there was an “outcry” from the market because of this, and shareholders were criticized private.

“If I just respond to the market’s cries, you won’t do anything. Because the market, I’ll tell you something, the market is a rhinoceros, a voracious dinosaur. It wants everything for itself, nothing for the people. Will the market Don’t you feel sorry for the people who go hungry?” said Lula in an interview with SBT.

In the same line followed minister Rui Costa, from the Civil House, who said he saw no problem with the decision to withhold extraordinary dividends.

“A rule was defined for the corporation, the governance, this rule was complied with, where is the problem? I actually have difficulty understanding it sometimes. That’s not what the market wants, for a rule to be announced and that rule to be complied with.” rule? Was the rule announced, was it complied with, is it within the law, within the company’s statutes, the governance standards, where is the problem”, he pointed out.

According to Petrobras’ statute, the money allocated to the statutory reserve can only be used to pay dividends and does not affect the company’s cash flow. Haddad hopes to be able to release the other half of the dividends in 2024.