Brazilian court ousts Usiminas board member

Monday, 11 March 2019 00:22:02 (GMT+3)   |   Sao Paulo
       

Brazilian flats steelmaker Usiminas said on Monday a local court determined that board member Luiz Carlos de Miranda Faria should immediately abstain from his position.

A similar court decision in July 2018 had ruled that Faria should leave the board role, following a request from public prosecutors at the time that claimed couldn’t take office as the executive lacked an a “unblemished reputation.”

This year, Faria was able to take his board position following another court decision. However, a labor court ruled he should be ousted again, Usiminas said on Monday.

Usiminas said it has immediately ousted Faria from his role due to the court decision, which the company said does not affect its businesses or activities.


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