The Brazil Securities Commission (CVM) rejected a settlement proposal from two current and former Ambipar Participações e Empreendimentos investor relations officers while accepting a BRL 180,000 agreement with Iguatemi board member Carlos Jereissati. The decisions concern separate enforcement proceedings involving alleged breaches of treasury-share and disclosure rules at Ambipar and a share sale by Jereissati before Iguatemi released its first-quarter 2025 financial information. The CVM considered the Ambipar allegations potentially serious and said the case could not currently be separated from a wider context involving other proceedings concerning the company. It also cited limited procedural efficiency because other defendants had not proposed settlements. The allegations concern Thiago da Costa Silva’s purported breach of the 10% limit on treasury shares and Pedro Borges Petersen’s allegedly incomplete disclosure of obligations linked to using treasury shares to settle liabilities. The CVM accepted Jereissati’s agreement following negotiations over his alleged sale of Iguatemi shares during the period preceding the company’s quarterly disclosure.

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