Brazilian securities exchange commission, CVM, has reached a deal with a Vale executive over the Brumadinho disaster, which killed 259 people in January 2019.
Vale’s former investor relations director, Luciano Siani, will pay BRL 600,000 ($142,203) to end two proceedings the local regulator had filed against the company, a media report from Valor said.
CVM reportedly found out Vale didn’t immediately and extensively provide information about the deadly dam burst. Vale held a press conference on February 12, 2019, in which Siani disclosed relevant information about the deadly dam collapse. CVM said Vale should had disclosed material facts before the press conference.
As both the Vale former executive and CVM have reached a deal upon the payment of a fine, Siani won’t plead guilty and the case will be dismissed.