A Brazilian court ruled on Monday that Brazilian flats steelmaker Usiminas must remove board member Luiz Carlos de Miranda Faria, following claims of public prosecutors, which a judge said had legitimate grounds.
Prosecutors argued that Faria, who represents employees at the local flats steelmaker, could not take his seat for lacking an “unblemished reputation.”
Prosecutors also said Faria reportedly signed a deal with a local union preventing him from assuming a managing position at Usiminas. Prosecutors also asked Usiminas to be fined BRL 105 million ($27.7 million).
Usiminas has denied any wrongdoing in appointing board member Luiz Carlos de Miranda Faria.