Amid accusations of scandal and corruption, Maria das Gracas Foster, the head of Brazil's state-run oil company Petrobras, has resigned.

Foster has left her post along with five other senior executives but denies doing anything wrong, BBC reports. Her departure comes directly after the arrest and testimony of three dozen executives at Petrobras as well as many of its suppliers.

The scandal, which implicates Brazil's ruling party, has to do with alleged price-fixing and the taking of bribes and kickbacks. According to a article, prosecutors have found what amounts to $800 million in bribes and other illegal funds.

Throughout the investigation, more than 200 businesses are being examined, and more than 80 people are being interviewed, a count which includes three former executives from Petrobras who are now facing possible criminal charges.

The news of the scandal has had a dramatic effect on the oil company.

On Tuesday, with rumors that Brazil's President Dilma Rousseff would fire the chief executive, shares of Petrobras soared 16 percent. Once the resignations were confirmed on Wednesday shares went up an additional 8 percent.

As it sits now, Petrobras is one world’s largest oil businesses. The Brazilian company can boast interests in Asia, Africa, as well as the Middle East.

The alleged illegal activity, according to the prosecutors, comes down to diverted assets that possibly range from $3.7 billion to over $28 billion.

Foster is not the only high ranking official who has been hurt by the scandal. President Rousseff, who is a former chairwoman of the Petrobras board of directors, has been implicated as well and denied any knowledge of corruption.

The board of Petrobras is set to meet on Friday in order to elect new executives to the company.

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