The Brazil Securities Commission (CVM) board accepted three settlement agreements (termos de compromisso) to close two administrative proceedings ahead of possible sanctioning actions and to end one ongoing sanctioning proceeding, requiring total payments of BRL 1,630,382.06. The matters relate to alleged market abuse and governance failures involving Banco Pine S.A., disclosure obligations at Oi S.A. in judicial reorganisation, and trading by Even Construtora e Incorporadora S.A. board members ahead of corporate disclosures. In the Banco Pine case, Mirante Administradora de Bens Ltda. and Igor Esteves Pinheiro will jointly pay BRL 694,382.06 in equal parts, indexed by IPCA from 20 January 2023 until payment, and Guilherme Vieira Neves will pay BRL 210,000, amid allegations of trading PINE4 while in possession of undisclosed information about a planned distribution of interest on equity and of consenting to use the bank’s structure for an operation on behalf of a shareholder or related party. In the Oi case, investor relations director Cristiane Barretto Sales will pay BRL 420,000 to settle allegations of omitting, in a material fact disclosure, information reported in the media about an urgent injunctive request to block creditors’ shares in circumstances of atypical share trading. In the Even case, Rodrigo Geraldi Arruy and Leandro Melnick will each pay BRL 153,000 (BRL 306,000 total) amid allegations of trading the company’s ordinary shares days before publication of the 2023 standardised financial statements and the material facts released on 25 and 26 March 2024. In all three matters, the CVM’s Federal Attorney’s Office found no legal impediment to settlement and the Term of Commitment Committee recommended acceptance, which the board followed.
Brazil Securities Commission (CVM) 2025-02-04
Brazil Securities Commission accepts BRL 1.63 million in settlement agreements across three enforcement matters
The Brazil Securities Commission (CVM) accepted three settlement agreements totaling BRL 1,630,382.06 to resolve two administrative and one ongoing sanctioning proceeding related to alleged market abuse and governance failures. The cases involve Banco Pine S.A., Oi S.A., and Even Construtora e Incorporadora S.A., with payments required to settle allegations of undisclosed trading and disclosure failures. The CVM's Federal Attorney’s Office found no legal impediment to the settlements, which were recommended by the Term of Commitment Committee and accepted by the board.