The Brazil Securities Commission (CVM) reported that its board acquitted four individuals in a case concerning alleged irregularities in IRB – Brasil Resseguros S.A.’s accounting records and financial statements for 2019. At the Oct. 6, 2026, hearing, participating board members unanimously cleared Fernando Passos of deliberately preparing unreliable accounting and financial information. Ivan de Souza Monteiro was acquitted of failing to exercise diligence and oversee executive management, while José Carlos Cardoso and Lúcia Maria da Silva Valle were cleared of alleged breaches of their duties of diligence as statutory directors. The board also began hearing a separate case involving alleged fraudulent transactions connected to Índico Fundo de Investimento Multimercado Crédito Privado and UEG Araucária Ltda., alongside alleged fund administration irregularities. Reporting Director João Accioly voted to acquit all six defendants: More Invest Gestora de Recursos Ltda., Cadence Gestora de Recursos Ltda., João Adamo Júnior, Erlon Caramuru Tomasi, Alberto Coppolla Bove and Marcos Navajas. No final decision was reached. The hearing was adjourned after Substitute Director Felipe Claret da Mota requested additional time to review the case, and CVM President Otto Lobo will vote when proceedings resume.
Brazil Securities Commission acquits four in IRB accounting case, adjourns Índico fund hearing
The Brazil Securities Commission unanimously acquitted four individuals of charges concerning IRB – Brasil Resseguros S.A.’s 2019 accounting records and financial statements. A separate hearing concerning alleged fraudulent transactions and administration irregularities involving the Índico fund was adjourned for further review after Reporting Director João Accioly voted to acquit all six defendants, leaving the outcome pending.