Petrobras pay $2.95bn to settle US class action on corruption

Brazil's state-controlled oil company Petrobras denied any wrongdoing in the $2.95 billion deal. (Reuters)
Updated 03 January 2018
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Petrobras pay $2.95bn to settle US class action on corruption

LONDON: Petroleo Brasileiro has agreed to pay $2.95 billion to settle a US class action brought by investors who claim they lost money in a corruption scandal.
Brazil’s state-controlled oil company, Petrobras (as it is known) has claimed it was itself a victim, while expressly denying any wrongdoing under the terms of the deal. United States District Judge Jed Rakoff must approve the settlement.
But, the company’s market value has plunged as the so-called Lava Jato or “car wash” corruption scandal has deepened. The company said the settlement will be paid in three roughly equal installments and will affect fourth quarter results.
Investors sued Petrobras after prosecutors in Brazil accused former executives at the company of accepting more than $2 billion in bribes over the course of ten years, mainly from construction and engineering companies.
Petrobras said that it hoped the settlement would resolve all investor claims in the United States over the scandal.
The deal does not include investors who bought non-US-based Petrobras securities outside the United States, according to the company. The deal comes just days after Brazil’s securities regulator CVM formally accused eight former Petrobras executives of corruption.
According to a legal filing by the regulator on Friday, the accusations relate to possible irregularities in the contracting process for three drill ships.
Former Petrobras chief executives Maria das Gracas Foster and Jose Sergio Gabrielle are among the accused in CVM’s filing.
The largest securities fraud settlements in US history include $7.2 billion stemming from the collapse of Enron, $6.2 billion over an accounting scandal at WorldCom and $3.2 billion over an accounting scandal at Tyco International, according to Stanford Law School’s Securities Class Action Clearinghouse.


Lenovo appoints new data center country manager in Saudi Arabia

Lenovo’s data center portfolio spans servers, storage, converged and hyperconverged, networking, hyperscale, software and services. (File/AFP)
Updated 10 December 2018
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Lenovo appoints new data center country manager in Saudi Arabia

  • “The Middle East is witnessing rapid transformation and The Kingdom of Saudi Arabia is a major market player, leading the charge in the adoption of new-age technologies,” said a Lenovo official
  • He also said Lenovo's data center can be “an integral technology partner for enterprises and governments across the region.”

DUBAI: China-based tech giant Lenovo has appointed a new data center country manager for Saudi Arabia – a move the company has aligned with the kingdom’s Vision 2030. 

Emad Aldaous will be heading the company’s vision to “transform the data center industry regionally.”

“The Middle East is witnessing rapid transformation and The Kingdom of Saudi Arabia is a major market player, leading the charge in the adoption of new-age technologies like IoT, AI and blockchain, underpinned by the Saudi Arabia Vision 2030,” said Richard Wilcox, DCG Regional Director for Lenovo Middle East.

Wilcox also said the DCG can be “an integral technology partner for enterprises and governments across the region.”

Lenovo aims to be a top data center player in the industry, becoming the largest and fastest growing supercomputing company by 2020.

Lenovo’s data center portfolio spans servers, storage, converged and hyperconverged, networking, hyperscale, software and services.

The Vision 2030 provides an ambitious blueprint for the future of the kingdom, covering several aspects of development including technology.