The Brazil Securities Commission (CVM) accepted a BRL 2,389,887.14 settlement with three individuals in an investigation involving possible manipulation of TC S.A. shares and other trading restrictions. It separately rejected a settlement proposal from five administrators of Construtora Sultepa S.A., which is under judicial reorganization, in an enforcement case concerning corporate records, governance and regulatory disclosures. Pedro Geraldo Bernardo de Albuquerque Filho will pay BRL 765,000, Thiago Eiki Bonfim Nagumo BRL 612,000 and Felipe Abi ACL de Miranda BRL 1,012,887.14. The settlement was reached before the possible opening of a sanctioning proceeding. The investigation concerns suspected price manipulation involving TC shares, trading by Albuquerque during a prohibited period while serving as TC’s chief executive, and Miranda’s alleged indirect trading through exclusive funds and suspected production of an anonymous video potentially damaging to TC. The CVM rejected the Sultepa administrators’ joint proposal after its specialized federal attorney identified legal obstacles, including the failure to cease the alleged irregularities and the absence of a monetary offer to compensate diffuse harm. The decision also reflected the alleged conduct’s seriousness and the record of some proponents. The underlying allegations include inadequate controls over internalized corporate records, failure to reconstruct missing books, failure to hold annual general meetings in 2024 and 2025, and late, missing or inconsistent regulatory filings.

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