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Petrobras may suffer a millionaire fine: CVM opens investigation process to investigate leakage of information about the change of president of the state-owned company

Written by Roberta Souza
Published 31/03/2022 às 20:23
Petrobras, president, CVM
Photo: Reproduction Google Images (via Valor Investe – Globo)

Petrobras is being investigated by the CVM for disclosing information about the dismissal of Silva and Luna, who was president of the state-owned company

On March 29, last Tuesday, the Securities and Exchange Commission (CVM) started an administrative process to investigate the alleged disclosure of information about the change of president of Petrobras. If the leak of details about the dismissal of the general is confirmed by the CVM Joaquim Silva and Luna, who held the position of president of Petrobras, the state-owned company may have to pay a millionaire fine.

The circulation of rumors of the resignation of the former president, which was already speculated before its confirmation, began without Petrobras having publicly commented on the subject, with the stock market still active, taking into account that negotiations end after 17 pm Brasília time.

For CNN Brasil, Fernando Caio Galdi, former director of the CVM, said: “In a first moment, the commission will assess whether the information got out of control or if it was leaked by the top leadership of the state-owned company. If proven, there are several sanctions that are provided for in the CVM regulation. Petrobras may suffer a warning or even a millionaire fine because of this conduct”.

The CVM declares that it was only formally communicated by Petrobras – which recently ended disputes with the former Odebrecht – after 20pm on Monday, March 28th. Through a note granted to CNN Brasil, Petrobras clarified that the oil company filed the important fact regarding the matter on 28/03/2022, at 20:41. This means that the market only received official information about the change in command of the state-owned company at 20:41 pm.

In this sense, when questioned about the alleged undue disclosure of information about the change of president, Petrobras stated that “shortly after the release of the news in the press, it consulted its controlling shareholder about the existence of any relevant decision, act or fact that should be disclosed to the market.

Thus, still according to Petrobras' statement, “at 18:25 pm on 28/03/2022, Petrobras received an official letter from the Ministry of Mines and Energy with two replacements in the nominations for the election of the Company's board of directors, to be held on Ordinary General Meeting of 13/04/2022. In addition to the aforementioned amendment, the letter indicates Mr. Adriano José Pires Rodrigues for the position of Chief Executive Officer of Petrobras, which should be decided later by the company's Board of Directors, in accordance with Petrobras' governance”, is what is contained in the note made by the company. 

Watch the CNN Brasil video to better understand the issue:

Due to the controversies involving fuel prices, the Government decides to dismiss Joaquim Silva e Luna, president of Petrobras. The new person to occupy the position has already been chosen

On the afternoon of Monday, March 28, the President of the Republic 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 was previously mentioned as a possibility, is the pressure that the state-owned company is under due to increases in fuel prices.

In recent weeks, the readjustment of fuel prices at refineries was responsible for the increase in gasoline prices by 18,7% and diesel prices by 24,9%. In this sense, from February 2021 to February 2022, the IPCA on fuels, that is, the main indicator of inflation in the country, jumped by 33%. Gasoline increased 32%, ethanol, 36%, and diesel 40%, corresponding to values ​​much higher than the general index, which is 10,54%. To know more, click here and read this article in full.

Roberta Souza

Petroleum Engineer, postgraduate in Commissioning of Industrial Units, specialist in Industrial Corrosion. Get in touch to suggest an agenda, advertise job vacancies or advertise on our portal. We do not receive resumes

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