Assets of ex-Brazilian president frozen over refinery deal

A Brazilian court has ordered ex- President Dilma Rousseff's assets frozen in connection with an estimated USD 580 million loss at state oil company Petrobras resulting from the purchase of an oil refinery in Pasadena, Texas.

Today's ruling also orders a freezing of assets for a former head of Petrobras and three members of its board of directors.

Court justice Vital do Rego said there were signs of "intentional mismanagement to cover up irregularities." The one-year freeze covers assets that could be used to recoup the loss.

Rousseff was board chair when the purchase was initiated in 2006. She said in a statement that there was "no evidence of illicit acts" and that she would appeal the ruling.
 

Rousseff was impeached and ousted as president last year for violating fiscal management rules.