23 Mar 2016

Brazilian police raid Petrobras offices

1:15 pm on 23 March 2016

Brazilian police have carried out more than 100 raids at offices of Latin America's biggest engineering firm, as part of an ongoing corruption investigation at state-run oil company Petrobras.

Officials said they had uncovered evidence at least 14 executives from the Odebrecht engineering conglomerate plotted systematically to siphon money from Petrobras.

Prosecutors allege businesses paid more than $2 billion in bribes to obtain contracts with the oil company - projects that later ballooned in cost.