The Brazil Securities Commission (CVM) Board ruled on two proposed settlement agreements (Termos de Compromisso), rejecting an offer by Fertilizantes Heringer S.A. executives Daniil Sergunin and Julio Enrique Varela Gubitosi to settle an ongoing administrative sanctioning case, and approving commitments by Oceanpact Serviços Marítimos S.A. and two executives to close administrative inquiries before a sanctioning proceeding is opened. In the Fertilizantes Heringer matter, the Federal Prosecutor’s Office at the CVM found no legal impediment and the Settlement Committee supported acceptance after negotiations for payments totalling BRL 1,012,000 (BRL 280,000 from Sergunin and BRL 732,000 from Gubitosi). The case concerns alleged failures to count shareholder votes at the 28 April 2023 annual general meeting and alleged shortcomings in disclosures about 29 April 2022 transactions involving the company, Eurochem Comércio de Produtos Químicos Ltda and Fertilizantes Tocantins S.A., including related-party communications released on 6 May 2022 and 17 August 2022 and successive 2023 reference form versions through 25 April 2024, as well as an alleged refusal to register shareholders for the meeting via the Ten Meeting platform. The Board departed from the committee’s recommendation and rejected the settlement. For Oceanpact, the Board accepted settlements totalling BRL 270,000 to conclude two administrative proceedings (BRL 90,000 from commercial director Erik Fabian Gomes, and BRL 90,000 each from Oceanpact and its chief financial and investor relations director Eduardo de Toledo), with no legal impediment identified and the Settlement Committee supporting acceptance. The inquiries relate to suspected trading in Oceanpact shares on 9 May 2024 and suspected trades in the company’s own shares on 24 July, 31 July and 7 August 2024, potentially breaching Article 14 of CVM Resolution 44.

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