The Brazil Securities Commission (CVM) has accepted a settlement (termo de compromisso) with Lieven Cooreman and Julio Enrique Varela Gubitosi, vice-chair of the board and investor relations director of Fertilizantes Heringer S.A., in Administrative Sanctioning Proceeding (PAS) 19957.015872/2023-04. The agreement requires payments totalling BRL 1,170,000 to the CVM. Cooreman will pay BRL 560,000 and Varela Gubitosi BRL 610,000, following negotiations with the CVM’s Settlement Committee, which recommended acceptance, and after the Office of the General Counsel to the CVM found no legal impediment. The proceeding, opened by the CVM’s Corporate Relations Superintendence, concerns alleged failures to convene a shareholders’ meeting within eight days of a 6 December 2022 request regarding a potential civil liability action, and alleged disclosure failures relating to board meeting minutes connected to material facts dated 11 August 2022, 16 August 2022, 23 November 2022 and 30 May 2023, as well as an alleged failure to disclose a material fact relating to a board decision taken on 5 June 2023.
Brazil Securities Commission (CVM) 2025-01-22
Brazil Securities Commission accepts BRL 1.17m settlement with Fertilizantes Heringer executives
The Brazil Securities Commission (CVM) has settled with Lieven Cooreman and Julio Enrique Varela Gubitosi of Fertilizantes Heringer S.A. in Administrative Sanctioning Proceeding 19957.015872/2023-04, requiring payments totaling BRL 1,170,000. The settlement addresses alleged failures to convene a shareholders’ meeting and disclose material facts related to board meetings.