Rodolfo Landim, the president of Rio de Janeiro Flamengo football club who was nominated just times back by Brazil President Bolsonaro to chair the board of administrators at Petrobras (NYSE:PBR) as element of a management shuffle, explained this weekend that he would not choose the work.

After Flamengo misplaced the Rio condition championship sport on Saturday evening, Landim reported he necessary to concentration on the football crew and would decline the nomination.

Landim’s nomination last 7 days along with economist Adriano Pires, who is thanks to substitute Joaquim Silva e Luna as CEO, was broadly praised by Brazil’s money markets.

Independently, Reuters reviews the prosecutor’s office at Brazil’s federal audit court docket has questioned to open an investigation into Bolsonaro’s appointment of Pires as CEO due to a achievable conflict of fascination.

A deputy prosecutor reportedly mentioned Pires’ perform as expert for multinational oil providers “strongly indicates the existence of a achievable conflict of curiosity” if he results in being Petrobras CEO.

Pires has advocated privatizing Petrobras and has supported the firm’s policy of making domestic gasoline rates mirror global selling price movements.

Petrobras however has the “prospective to provide a substantial double-digit yield during 2022,” Daniel Thurecht writes in a bullish assessment posted on In search of Alpha.