BOSTON, Oct 20 (Reuters) - Hedge fund manager Jim Chanos on Monday said he is betting against Brazil’s national oil company Petroleo Brasileiro SA, saying it “exists to serve the state.”
Chanos, who first cemented his reputation as a short seller with bets against Enron, said he is shorting the company’s debt and equity.
Speaking at the Robin Hood Investors Conference, Chanos, head of Kynikos Associates, said the West is finished paying the shortfall tab for a corrupt government entity, according to two sources who were attending the event in New York City.
The sources could not be identified because the event is private. Reporters were not permitted to attend the conference which ends tomorrow.
Petroleo Brasileiro Petrobras SA once ranked among the world’s top global energy producers but has recently been ensnared in a corruption scandal that has impacted the upcoming presidential ballot. (Reporting by Svea Herbst-Bayliss; Editing by Bernard Orr)