The Brazil Securities Commission has concluded an enforcement proceeding against three directors of Companhia de Tecidos Norte de Minas, or Coteminas, in judicial reorganization, over failures to prepare and submit periodic information on time. The board unanimously fined Josué Christiano Gomes da Silva BRL 55,000 for not ensuring the preparation and timely filing of the company’s 2023 financial statements, while acquitting him and Barbara Gomes da Silva on one disclosure charge and acquitting João Batista da Cunha Bonfim on another charge under CVM Resolution 80. The case was opened by the Superintendence of Corporate Relations. The sanction against Josué Gomes relates to his role as chief executive and, from 14 December 2023, also investor relations director, and concerns breach of Article 176 of Brazil’s Corporations Law together with provisions of CVM Resolution 80 on annual financial reporting. The decision followed reporting director Marina Copola’s vote, with Substitute Director Thiago Paiva Chaves and Acting Chair João Accioly joining her conclusions. The sanctioned respondent may appeal to the National Financial System Appeals Council with suspensive effect.
Brazil Securities Commission (CVM) 2026-05-12
Brazil Securities Commission fines Coteminas executive BRL 55000 over late 2023 financial statements and dismisses other periodic reporting charges
The Brazil Securities Commission has fined Coteminas director and chief executive (and since 14 December 2023, investor relations director) Josué Christiano Gomes da Silva BRL 55,000 for failing to ensure preparation and timely filing of the company’s 2023 financial statements, in breach of Article 176 of Brazil’s Corporations Law and CVM Resolution 80 on annual financial reporting. The board acquitted Josué Gomes and Barbara Gomes da Silva on one disclosure charge and acquitted João Batista da Cunha Bonfim on another charge under CVM Resolution 80, and the sanctioned respondent may appeal to the National Financial System Appeals Council.