Jorge Zelada, former director of Petrobras, the Brazilian oil firm, was recently sentenced to imprisonment for 12 years, after he was convicted of money-laundering and corruption. Authorities continue to investigate the huge scandal, which alleged that the state-owned company is ridden with bribery and corruption.

BBC News reported that Eduardo Costa Musa, a Petrobras manager, and two others have also been sentenced to imprisonment. Zelada served as director of international operations from 2008 to 2012. He replaced Nestor Cervero, who was also convincted in May 2015 of money laundering and sentenced to imprisonment for five years for his involvement in the growing scandal.

Based on the findings of investigators, Zelada was guilty of transferring huge sums of money in offshore bank accounts which he owned in China. Authorities have also reportedly frozen his Monaco bank account containing about $12 million. Zelada was arrested in July 2015 and detained in jail in the city of Curitiba in southern Brazil.

According to The Wall Street Journal, Zelada is the fourth former executive of Petrobras to be arrested after having been accused of bribery and bid rigging. His arrest was called Operation Monaco Connection.

Zelada and Musa were accused of accepting a $30 million bribe to award the company, Vantage Drilling Corporation, with a lucrative contract in 2009, says the same WSJ report. The deal involved freighting Titanium Explorer, a drill ship, to Petrobras.

Over 100 individuals, including Petrobras top executives, politicians and some of the largest construction companies in Brazil, have been arrested during the two-year investigation. President Dilma Rousseff, who was chairman of Petrobras during the period when the corruption was said to have occurred, was cleared.

Wall Street Journal also added that according to Zelada’s attorney, Eduardo de Moraes, his arrest was unnecessary considering that his client poses no risks to the pending investigation. Moraes added that he had no access to the formal charges against his client. He said that they will appeal the sentence.

Investments by Petrobras comprise 2 percent of the country’s gross national product. In 2014, Brazilian authorities discovered what they believe is a corruption scheme that has continued for a whole decade, involving some of the biggest companies in the country and several government officials.

The corruption scandal has hurt the national economy after the prices of commodities have dropped. Petrobras has suffered over $16 billion because of the scandal, including $2 billion that was allegedly paid to corrupt executives and companies.

More updates and details on the pending Petrobras scandal investigation are expected soon.