SAO PAULO, Nov 25 (Reuters) - Grupo BTG Pactual SA, whose chief executive was arrested on Wednesday under a sweeping corruption probe in Brazil, plans to buy back up to 10 percent of its outstanding shares in a repurchase plan over the next 18 months. In a securities filing on Wednesday, BTG Pactual said the plan will "aim to create value for shareholders." The company's shares plunged 28 percent on Wednesday after CEO André Esteves was arrested in Rio de Janeiro for allegedly trying to obstruct an investigation into corruption st state-controlled oil producer Petroleo Brasileiro SA. (Reporting by Guillermo Parra-Bernal and Tatiana Bautzer; Editing by Paul Simao)
BTG Pactual has reportedly submitted a securities filing in which it said that it plans to buy back up to 10% of its outstanding shares over the next 18 months, in an effort to "create value for shareholders". This follows the news that the company's CEO, Petroleo Brasileiro, was arrested yesterday as part of the ongoing corruption investigations that have troubled Brazil's construction sector and oil company Andre Esteves.