Brazil's market regulator investigating widen Petrobras probe
RIO DE JANEIRO Dec 30 (Reuters) - Brazil's market regulator CVM said on Tuesday it is investigating whether Petrobras executives failed in their responsibilities, widening an already multi-faceted probe into corruption at the state-run oil firm.
The regulator said in a statement it was seeking to "ascertain any irregularities related to the possible breach of fiduciary duties of company directors." It did not specify which executives were being investigated.
A police probe was launched after Brazilian prosecutors alleged that Petrobras executives conspired with construction companies to inflate the cost of contracts and then kick back proceeds to executives, politicians and political parties as bribes and campaign contributions.
The new CVM process comes in addition to six separate investigations the regulator is already carrying out against Petroleo Brasileiro SA, as Petrobras is formally known, and its contractors. (Reporting by Stephen Eisenhammer; Editing by Alan Crosby)
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