Braskem again postpones audited results amid graft probe

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Thursday, March 30, 2017

Crisis-stricken Brazilian petrochemical firm Braskem has delayed the release of its audited 2016 results for a second time.

The company, which has been a target of Brazil's Lava Jato corruption probe, was due to publish its full-year earnings statement on Wednesday, having previously scheduled the announcement in February.

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In a securities filing, Braskem said the "depth and detail" had prolonged the work of independent auditors.

"Braskem will continue to employ its best efforts to conclude the preparation of its audited financial statements as soon as possible and reaffirms that it does not expect any significant changes from the unaudited results disclosed earlier," the filing said.

On February 22, Braskem reported an unaudited net loss of 2.55bn reais (US$820mn) for the fourth quarter compared to a profit of 96mn reais a year earlier.

Braskem's two biggest shareholders, federal oil company Petrobras and construction and engineering group Odebrecht, have been prime targets of the sprawling Lava Jato investigation.

Several former executives from both companies have been jailed, including former Odebrecht CEO Marcelo Odebrecht.

In December, Braskem and Odebrecht said they accepted billion-dollar fines as part of a plea bargain with prosecutors.

Braskem is also facing a lawsuit in the US for allegedly providing false statements to shareholders.