Petrobras Scandal Widening as Braskem Named in Morass
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The staggering reach of Petroleo Brasileiro SA’s corruption scandal is getting even bigger.
Braskem SA, Latin America’s biggest petrochemicals maker by sales, became the latest company implicated in testimony alleging it paid bribes to the state-controlled oil producer in return for contracts. While Braskem denied the accusations, its $750 million of bonds due 2024 plummeted 7.9 percent last week, the most among high-grade emerging-market debt.