The Brazil Securities Commission rejected a joint settlement proposal from three Ybyrá Capital S.A. officials in an administrative sanctioning proceeding over alleged corporate governance, capital increase and disclosure violations. The applicants were Thiago Moura e Silva, who held several board, management, shareholder and investor relations roles, and board members José Vicente da Silva Filho and Thiago Bruni Casanova Pinto. The decision reflected the alleged seriousness of the conduct, the BRL 4.7 billion capital increase approved in April 2023, the proposal’s insufficient compensation for diffuse harm and the applicants’ histories and involvement in related proceedings. The allegations include irregularities in convening the shareholder meeting, failures of diligence and statutory pricing criteria for the capital increase, approval of an official’s own accounts, and deficiencies in corporate disclosures, filings and voting materials. The proceeding will continue because two other defendants did not submit settlement proposals.

Original source