Petrobras CFO Almir Barbassa agreed to pay a $98,000 Wednesday after Brazil’s securities regulator alleged he was trying to prevent minority shareholders from influencing company decisions.
Securities watchdog CVM claimed Barbassa allowed Brazil’s state development bank BNDES and state pension fund to cast votes for board members who were supposed to be independent.
CVM alleged the move robbed private shareholders of their right to representation, Reuters said.
Barbassa agreed to pay the fine but did not admit any wrongdoing.
BNDES and its subsidiary BNDESPAR each agreed to pay a $193,000 fine.
Petrobras’ pension fund, Petros, is also facing a $154,000 fine.
CVM said it issued warnings to two other unidentified pension funds about the matter.
The fines are just the latest in a series of misconduct and corruption allegations against Brazil’s Petrobras.
Earlier this year, former downstream executive Paulo Roberto Costa was arrested on corruption charges and later admitted to taking a $636,000 bribe tied to the company’s 2006 purchase of a Texas refinery.
Costa alleges executives were skimming as much as 3 percent off the price of contracts and giving the money to political organizations.
The U.S. Securities and Exchange Commission served Petrobras with a subpoena for unspecified documents last month.
The SEC has not commented on the nature of its investigation.