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Monday December 18th, 2017 5:25PM

Assets of ex-Brazilian president frozen over refinery deal

By The Associated Press
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SAO PAULO (AP) — A Brazilian court has ordered ex-President Dilma Rousseff's assets frozen in connection with an estimated $580 million loss at state oil company Petrobras resulting from the purchase of an oil refinery in Pasadena, Texas.

Wednesday's ruling also orders a freezing of assets for a former head of Petrobras and three members of its board of directors.

Court justice Vital do Rego said there were signs of "intentional mismanagement to cover up irregularities." The one-year freeze covers assets that could be used to recoup the loss.

Rousseff was board chair when the purchase was initiated in 2006. She said in a statement that there was "no evidence of illicit acts" and that she would appeal the ruling.

Rousseff was impeached and ousted as president last year for violating fiscal management rules.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Industries, AP Business - Utilities
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