Brazil probes alleged Petrobras pension fraud
Public prosecutors in Brazil have uncovered a fraud racket that allegedly embezzled cash from the pension fund of state-run oil company Petrobras, authorities said on Friday.
Federal police issued seven arrest and 12 search warrants in three states, according to the government's Agência Brasil news service.
The 5th federal court of Rio de Janeiro also froze 1.35bn reais (US$400mn) in assets belonging to 46 individuals and companies.
Agência Brasil said police discovered that 90mn reais supposedly invested in an educational company had gone missing.
On Thursday, Petrobras said its Petros pension fund had 22.6bn reais in unfunded liabilities at the end of 2015.
The Rio de Janeiro-based company said it and the fund's beneficiaries had until 2035 to cover the shortfall by Brazilian law.
News of the black hole comes as Petrobras struggles to overcome the worst corruption scandal in Brazil's history.
Federal police have arrested scores of former Petrobras directors, engineering firm executives and politicians since launching the Lava Jato probe, as it is known, in early 2014.
The scandal is blamed for tipping Brazil into a severe recession and fomenting a political crisis that has led to impeachment proceedings against president Dilma Rousseff.
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