Brazil:Oil giant Petrobras' head resigns amid corruption scandal
February 5 , 2015
Maria das Gracas Foster, the head of Petrobas - the Brazilian state-run oil company, has resigned along with five senior executives amid a major corruption scandal.
Her exit comes after several arrests and testimonies by Petrobras executives and suppliers of the oil giant.
The firm’s board is expected to meet on Friday for electing new executives.
The corruption scandal, which includes allegations against the ruling party in Brazil, involves billions of dollars in alleged kickbacks, bribes and price-fixing.