Brazilian court maintains $2.8 billion asset freeze on Vale

Tuesday, 09 July 2019 00:13:06 (GMT+3)   |   Sao Paulo
       

A Brazilian court in the state of Minas Gerais maintained on Tuesday a BRL 11 billion ($2.8 billion) asset freeze on Vale, following the Brumadinho iron ore dam burst that killed at least 240 people.

The court ruled on Tuesday that Vale was responsible for the iron ore dam burst. The court, however, has not set a specific fine for Vale, as the losses are difficult to quantify.

A judge ruled Vale should “repair” for the damages it caused. The company has not denied responsibility for the deadly iron ore waste dam tragedy.

USD = BRL 3.80 (July 9)


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