Rolls-Royce entangled in Brazil’s corruption scandal

CNN Money, 8/31/2015

Rolls-Royce, the crown jewel of British engineering, has been dragged into Brazil’s colossal corruption scandal.The company said it was cooperating with the Brazilian authorities investigating bribery at state-owned oil giant Petrobras.

“We have repeatedly made it clear that Rolls Royce will not tolerate business misconduct of any kind,” a Rolls-Royce spokesperson said. He declined further comment.

Rolls Royce (RYCEY), which supplies turbines for Petrobras’ oil drilling platforms, has been accused of giving kickbacks to officials in order to secure contracts in Brazil.

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