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Brazilian Police investigates into Petrobras corruption, arrests 18 people

The Brazilian Federal Police has arrested 18 people including state-controlled oil company Petrobras former downstream director Paulo Roberto Costa following raids in the latest phase of a political corruption case afflicting the oil company.

The move, which involved up to 300 police officers, comes as Petrobras delayed its financial results release and warned it would adjust its accounts if investigation is conducted.

Petrobras has announced it would delay to file its third quarter 2014 financial statements as the accusations and investigations into money laundering and corruption, named as Lava Jato Operation, is being conducted by the Brazilian Federal Police.

The investigation led to charges of money laundering and organized crime against Costa, who is currently under investigation for corruption, embezzlement, and other offenses.

If the investigation is proved, the company's financial statements would be affected.

Two independent law firms Trench, Rossi e Watanabe Advogados and Gibson, Dunn & Crutcher were hired by Petrobras to assess the nature, extent and impact of the acts that may have been committed within the context of the allegations made by Costa.

The firms will also investigate related facts and circumstances that would impact business operations of company.

Petrobras expects to release its third quarter 2014 financial statements on 12 December 2014, without a review by its Independent Auditors, reflecting its balance sheet based on updated facts.

Majority-owned by the Brazilian government, Petrobras operate as an integrated energy company in sectors including exploration and production, refining, marketing, transportation, petrochemicals, oil product distribution, natural gas, electricity, chemical gas, and biofuels.

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