The Brazil Securities Commission (CVM) will hold an adjudicatory session from 3 p.m. to consider two administrative enforcement proceedings involving alleged accounting manipulation at IRB Brasil Resseguros and alleged fraudulent transactions connected with the Índico Private Credit Multimarket Investment Fund. The IRB proceeding examines alleged deliberate manipulation of the reinsurer’s accounting records and financial statements for the 2019 financial year, as well as alleged failures by individuals to meet their duty of diligence. The second proceeding covers alleged fraudulent transactions involving More Invest Gestora de Recursos, Cadence Gestora de Recursos and other parties associated with the Índico Fund and UEG Araucária. It also considers alleged irregularities by the fund administrator and its responsible director under CVM Instruction 555.
Brazil Securities Commission to hear cases over alleged IRB accounting manipulation and Índico Fund fraud
The Brazil Securities Commission will hear two enforcement cases concerning alleged manipulation of IRB Brasil Resseguros’ 2019 accounts and alleged fraudulent transactions connected with the Índico Fund. The proceedings also address possible diligence failures and fund administration breaches.