The Brazil Securities Commission (CVM) Board approved four settlement agreements (termos de compromisso) totaling BRL 3,429,650, closing or preventing sanctioning proceedings involving executives and administrators at Vulcabras S.A., Banco Santander (Brasil) S.A., Gol Linhas Aéreas Inteligentes S.A. and Construtora Adolpho Lindenberg S.A. In the Vulcabras matter, the company’s chief executive officer and finance and investor relations director agreed to pay BRL 309,825 each to resolve alleged failures to disclose required information in multiple Reference Form filings about significant internal control deficiencies identified by independent auditors and how internal control effectiveness is supervised and reported. A Banco Santander (Brasil) director agreed to pay BRL 180,000 in a case concerning trading in the bank’s units during a restricted period under CVM Resolution 44. Gol’s investor relations director agreed to pay BRL 470,000 over alleged failure to disclose a material fact regarding media reports of a potential Chapter 11 filing and related atypical trading. Four administrators of Construtora Adolpho Lindenberg S.A. agreed to pay BRL 540,000 each (BRL 2,160,000 total) in a case alleging they approved their own accounts at the 15 April 2024 annual general meeting via the controlling shareholder’s vote, potentially breaching Article 115 of Law 6,404.
Brazil Securities Commission (CVM)2026-02-11
Brazil Securities Commission approves BRL 3,429,650 in settlement agreements across four enforcement matters
The Brazil Securities Commission (CVM) approved four settlement agreements totaling BRL 3,429,650, resolving or preventing sanctioning proceedings involving executives at Vulcabras S.A., Banco Santander (Brasil) S.A., Gol Linhas Aéreas Inteligentes S.A., and Construtora Adolpho Lindenberg S.A. The settlements address issues such as disclosure failures, trading during restricted periods, and potential breaches of governance laws.