July 9, 2015 / 3:36 PM / 4 years ago

Brazil Eletrobras plans to launch commission to probe corruption

RIO DE JANEIRO, July 9 (Reuters) - The management of Brazil’s state-run power company Eletrobras said on Thursday it is drawing up plans for an independent commission to oversee an ongoing investigation over possible corruption cases in projects it is involved in.

The probe is being conducted by U.S. law firm Hogan Lovells, hired last month by Eletrobras to check whether there were practices that violated the U.S. Foreign Corrupt Practices Act.

Brazilian prosecutors are investigating if Centrais Eletricas Brasileiras SA, as the power company is formally known, was involved in a corruption scheme similar to the one plaguing state-run oil company Petrobras.

Eletrobras said in a statement that the commission’s members will be independent from the company’s management and from its controlling shareholder, the Brazilian government.

The creation of the independent commission is subject to approval by the company’s board of directors, it said.

The company added it will keep markets informed of any progress in the investigation. (Reporting by Walter Brandimarte Editing by W Simon)

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