NEW YORK (TheStreet) -- Shares of Petroleo Brasileiro Petrobras (PBR) are down 2.07% to $8.06 in afternoon trading Tuesday, hitting its lowest in more than a decade as Brazil's top prosecutor called for management to resign in light of the recent corruption scandal, Reuters reports.
Prosecutor General Rodrigo Janot said Petrobas, Brazil's largest company, must be carefully scrutinized while its operations are made more transparent, Reuters noted.
"The country no longer tolerates the shameless corruption of some bad public officials and bad businessmen. The response to those that assaulted Petrobras will be firm," said Janot according to Reuters.
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Petrobras is at the center of Brazil's biggest corruption and money laundering scandal as federal prosecutors prepare to indict 11 executives at six of Brazil's largest engineering firms for paying billions of dollars in bribes, Bloomberg reports.
Two former Petrobras directors among the two dozen people arrested for their involvement, Bloomberg noted.
Also, investor Peter Kaltman filed a U.S. lawsuit yesterday in Manhattan federal court against Petrobas for failing to disclose an alleged kickback plan, saying the company made false statements that misled investors who lost money when the scandal became public, Bloomberg added.
Petrobras is a Brazil-based integrated oil and gas company, operating through its seven segments.