Petrobras (PBR)

Plaintiff: Porto Seguro Imóveis Ltda. 

Nature: Civil 

Porto Seguro, a minority shareholder of Petroquisa, filed a lawsuit against Petrobras, related to alleged losses arising from the sale of the shareholding interests of Petroquisa in various petrochemical companies included in the National Privatization Program. The plaintiff filed the aforesaid lawsuit to obtain an order obliging Petrobras, as the majority shareholder of Petroquisa, to compensate for the "loss" inflicted on the equity of Petroquisa, through the acts which approved the minimum sales price of its shareholding interest in the capital of the privatized companies. 

On March 30, 2004 the Court of Appeals of Rio de Janeiro unanimously granted the new appeal lodged by Porto Seguro, ordering Petrobras to indemnify an amount equal to US$ 2.370 million, plus 5% as a premium and 20% as lawyers' fees. 

Petrobras filed a special, extraordinary appeal before the Superior Court of Justice (STJ) and before the Federal Supreme Court (STF), which were rejected. Petrobras then filed an interlocutory appeal against the decision before the Superior Court of Justice and the Federal Supreme Court. 

In accordance with the decision published on June 5, 2006, Petrobras is now awaiting assignment of the agenda to re- examine the matter related to the blocking of Petrobras' special appeal before the Superior Court of Justice and the Federal Supreme Court. 

Based on the opinion of its legal counsel, the company does not expect an unfavorable outcome to these proceedings. 

If the situation is not reversed, the estimated indemnification to Petroquisa, including monetary correction and interest, would be R$ 15.440.097 thousand as of September 30, 2009. As Petrobras owns 100% of the capital of Petroquisa, part of the indemnification to Petroquisa, estimated at R$ 10.190.464 thousand, will not represent an actual disbursement from the Petrobras System. Additionally, Petrobras would have to indemnify Porto Seguro, the plaintive, R$ 772.005 thousand as a premium and R$ 3.088.020 thousand as lawyers' fees. 

Plaintiff: Federal Revenue Department of Rio de Janeiro 

Nature: Tax 

Tax deficiency notice related to withholding income tax (IRRF) calculated on remittances of payments for affreightment of vessels referring to the period from 1999 to 2002. 

Petrobras submitted new administrative appeals to the Higher Chamber of Tax Appeals, the highest administrative level, which are awaiting a hearing. 

Maximum updated exposure: R$ 4.360.982 thousand. 

Plaintiff: Federal Revenue Inspectorate in Macaé 

Nature: Tax 

Interest and fines on import duty (II) and excise tax (IPI) - Sinking of the P-36 platform 

Lower court decision against Petrobras. 

A spontaneous appeal has been filed which is awaiting a hearing. Petrobras filed a writ of security and obtained a favorable decision to stay any tax collections until the investigations determining the reasons that caused the platform to sink have been concluded. The Federal Government/National Treasury has filed an appeal which is awaiting a hearing. 

With the decision of the Maritime Court, the Company filed a tax debt annulment lawsuit and an injunction suspending collection of the tax. 

Maximum updated exposure: R$ 370.558 thousand.