Imbassahy is now targeting BTG Pactual's "Pasadena".
Brazilian Congressman Antônio Imbassahy (PSDB-BA), who became known for the Pasadena refinery case in the United States, now intends to investigate another deal in the oil sector. According to him, banker André Esteves, of BTG Pactual, was favored when buying international assets in Nigeria; he paid around US$1,5 billion for wells that would be worth twice that amount. "I have no doubt that something strange is going on. And they say that BTG has already recovered these investments. This case in Africa is very similar to that of Pasadena," says the congressman.
247 - Brazil's Federal Audit Court (TCU) has opened an investigation into alleged irregularities in the sale of 50% of Petrobras' assets in Africa to the investment bank BTG Pactual, owned by banker André Esteves, a deal finalized last year for US$1,5 billion. There is suspicion that the transaction was carried out for a price significantly lower than the actual value of the assets.
The court opened proceedings in response to a request from the leader of the PSDB party in the Chamber of Deputies, Congressman Antônio Imbassahy (BA), who also sent a request to the Ministry of Mines and Energy asking for clarifications about the sale of Petrobras' assets in Africa. The process of analyzing the operation began on May 8th.
These assets under investigation refer to equity stakes in oil exploration blocks in six African countries: Nigeria, Tanzania, Angola, Benin, Gabon, and Namibia. According to data from April, Petrobras produced 29 barrels per day in Africa, mostly in Nigeria and a small amount in Angola.
The BTG Pactual deal was finalized in July of last year, but it began before Maria das Graças Foster took office as president of Petrobras in February 2012. Prior to that, technicians studying the sale of 50% of the assets of Petrobras Oil & Gas BV, the subsidiary that owns the assets in Africa, had estimated that the deal could generate a gain of US$7 billion.
After that, the English bank Standard Chartered was hired to conduct an international auction of the assets. Of the 14 potential buyers invited, only nine reportedly participated, according to the publication.
The English bank valued the assets at US$4,5 billion, which was later reduced to US$3,05 billion due to potential risks of the operation, particularly in Nigeria. This valuation resulted in a payment of R$1,5 billion for 50% of the assets.
In March, Petrobras' subsidiary in Africa paid dividends to shareholders for the first time, totaling US$300 million. Esteves received US$150 million.
Given BTG's gains, Imbassahy compared the operation to the purchase of the Pasadena refinery. “I received information from Petrobras technicians and people who no longer work at the company, from consulting firms and minority shareholders who believe there is some mistake in this operation. I have no doubt that something is amiss. And they say that BTG has already recovered these investments. This case in Africa is very similar to that of Pasadena,” declared the PSDB leader.
He also released a statement regarding this. Read it below:
Imbassahy believes Petrobras will suffer another billion-dollar loss.
Since May, the PSDB leader in the Chamber of Deputies, Antônio Imbassahy, has been trying to obtain information about the sale of 50% of Petrobras' assets in Africa to the BTG Pactual bank, which occurred in the middle of last year. Imbassahy even sent a request to the Ministry of Mines and Energy (MME) asking for clarifications about the deal, which he believes may have generated another billion-dollar loss for Petrobras and Brazilians, similar to the purchase of the Pasadena refinery.
A The initiative of the leader, who since the beginning of his term has been denouncing irregularities in the administration of the state-owned company, motivated the TCU (Brazilian Federal Court of Accounts) to open a process to analyze the operation. According to technicians and specialists, the assets could generate a gain of US$ 7 billion, but this value was reduced to US$ 4,5 billion, then to US$ 3,16 billion, and ended up being sold for US$ 1,5 billion.
Imbassahy believes that the deal was so advantageous for the bank that in less than eight months, the institution began to recover its investment, withdrawing US$150 million in dividends. The congressman decided to request explanations from the government regarding the matter after receiving several reports from former Petrobras employees and even consulting firms suggesting that the deal may have resulted in losses for the state-owned company. “I have no doubt that there is something strange about this agreement. And I don't understand the government's difficulty in responding to my requests for explanation, because, after the legal deadline for a response had passed, the ministry, strangely, asked me for a 30-day extension to send the information. I am still waiting,” said Imbassahy.