The Brazil Securities Commission (CVM) rejected a revised settlement proposal from Silvio Tini de Araújo, a board member of Alpargatas S.A., despite a tenfold increase in the proposed payment. The case concerns alleged trading in the company’s shares during a prohibited period.
At its Nov. 10, 2026, meeting, the CVM board endorsed the Settlement Committee’s conclusion that the revised proposal provided no grounds to overturn the rejection of an earlier offer on Sept. 23, 2025. Federal legal counsel had found no legal impediment to an agreement. The proposal was considered before any potential opening of administrative sanction proceedings.