Rolls-Royce has responded to allegations reported by the Financial Times claiming the company paid bribes for a contract with the Brazilian oil firm Petrobras, BBC News reports.
"We have not received details of the allegations made in recent press reports, nor have we been approached by the authorities in Brazil, the company wrote in a statement, according to the site.
"We have always been clear that we will not tolerate improper business conduct of any sort and will take all necessary action to ensure compliance, including co-operating with authorities in any country."
The accusations made against Rolls-Royce cited a former Petrobras senior executive as the source of the allegations. They claimed that contractors paid lower prices by bribing Petrobras directors and Brazil's Workers' Party, which is currently in office.
Court documents claiming that Petrobras informant Pedro Barusco received at least $200,000 in bribes from Rolls-Royce has brought increased attention to the case under investigation by Britain's Serious Fraud Office.
Petrobras has also made headlines for its unfavorable stock shares.
Shares of the Brazilian energy corporation rose as much as 8 percent on Friday, prior to settling 6.7 percent higher, Forbes reports.
“Petrobras needs to sell some of its assets to raise capital. It can’t go on like this,” BBT Asset fund manager Raphael Juan said, according to the site.
“The market has begun to speculate about these possibilities. We’re watching this movement closely and that is why our funds still hold Petrobras."
Petrobras was founded in 1953 in Rio de Janeiro.
