Brazil Securities Commission convenes 16 December sanctioning judgment session on KPMG and BDO audits and alleged FIP fraud

The Brazil Securities Commission (CVM) will hold a judgment session at 14:00 on 16 December 2025 to deliberate on four administrative sanctioning proceedings involving alleged audit irregularities, suspected unlicensed portfolio management activity, and an alleged fraudulent operation linked to a private equity fund. The cases include proceedings against KPMG – Auditores Independentes Limitada and Cláudio Rogélio Sertório regarding alleged irregularities in the independent audit of Odontoprev S.A.’s financial statements for the year ended 31 December 2023, and against BDO RCS Auditores Independentes SS and Paulo Sérgio Tufani regarding alleged irregularities in an independent audit report on Companhia de Tecidos Norte de Minas (COTEMINAS) issued on 31 March 2020. CVM will also consider a case against Sebastian Kunert concerning the alleged irregular exercise of securities portfolio management activity, and a case involving Finance Moinhos - Assessoria e Consultoria Empresarial Ltda. and other individuals and entities concerning an alleged fraudulent operation in the management and allocation of resources of Fundo de Investimento em Participações Cais Mauá do Brasil Infraestrutura. The latter case began judgment on 20 August 2025 but was suspended following a request for review by interim President Otto Lobo. The session is open to the public and will take place in person at CVM’s headquarters in Rio de Janeiro, with the option to follow by videoconference. If no defendants or their legal representatives indicate an intention to participate, CVM will hold a restricted session using an electronic voting system.