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Petrobras Is Being Investigated by CVM for Disclosing Information About the Dismissal of Silva e Luna, Who Was the President of the State-Owned Company
On March 29, the last Tuesday, the Securities and Exchange Commission (CVM) began an administrative process to investigate the alleged disclosure of information about the change in president of Petrobras. If CVM confirms the leak of details about the dismissal of General Joaquim Silva e Luna, who held the position of president of Petrobras, the state-owned company may face a multimillion-dollar fine.
The circulation of rumors about the dismissal of the former president, which had already been speculated before its confirmation, started without Petrobras publicly commenting on the matter, with the stock market still active, considering that trading ends after 5 PM Brasília time.
For CNN Brasil, Fernando Caio Galdi, former director of CVM, stated: “Initially, the commission will assess whether the information got out of control or was leaked by the top management of the state-owned company. If proven, there are several sanctions provided in CVM regulation. Petrobras may receive a warning or even a multimillion-dollar fine due to this conduct.”
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CVM states that it was only formally notified by Petrobras – which recently resolved outstanding issues with the former Odebrecht – after 8 PM on Monday, March 28. In a statement to CNN Brasil, Petrobras clarified that the oil company filed the important fact regarding the matter on March 28, 2022, at 8:41 PM. This means that the market only received official information about the change in leadership of the state-owned company at 8:41 PM.
In this regard, when questioned about the alleged improper disclosure of information concerning the change of president, Petrobras stated that “shortly after the news was released in the press, it consulted its controlling shareholder regarding the existence of any decision, act, or relevant fact that needed to be disclosed to the market.”
Thus, according to Petrobras’s statement, “at 6:25 PM on March 28, 2022, Petrobras received a letter from the Ministry of Mines and Energy with two substitutions in the nominations for the election of the board of directors of the Company, to be held at the Annual General Meeting on April 13, 2022. In addition to the mentioned change, the letter indicates Mr. Adriano José Pires Rodrigues for the position of CEO of Petrobras, which will be deliberated later by the company’s Board of Directors, according to Petrobras’s governance,” is what the company’s note contains.
Watch the CNN Brasil Video to Better Understand the Issue:
Due to the Controversies Involving Fuel Prices, Government Decides to Dismiss Joaquim Silva e Luna, President of Petrobras. The New Person to Fill the Position Has Already Been Chosen
On the afternoon of Monday, March 28, President Jair Bolsonaro decided to dismiss Joaquim Silva e Luna, president of Petrobras. According to information from the newspaper O Globo, the reason for the decision, which had already been mentioned earlier as a possibility, is the pressure that the state company is facing due to the increases in fuel prices.
In recent weeks, the adjustment of fuels at refineries was responsible for the price of gasoline increasing by 18.7%, and diesel by 24.9%. In this sense, from February 2021 to February 2022, the IPCA of fuels, that is, the main inflation indicator of the country, jumped by 33%. Gasoline increased by 32%, ethanol by 36%, and diesel by 40%, corresponding to values much higher than the general index, which stands at 10.54%. To learn more, click here to read this article in full.
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