Brazil’s securities exchange commission, CVM, has reached a deal with David Salama, the investor relations director of local steelmaker Companhia Siderurgica Nacional (CSN), local media Valor reported.
Salama allegedly didn’t disclose the names of CSN’s shareholders to Geração Futuro, a fund owning a minority stake at the steelmaker.
Additionally, Salama also failed to include Geração’s appointed candidates for the steelmaker’s fiscal and administrative boards in a list of people voting remotely in a shareholders’ meeting in April 2017.
The case made it to the courts. A court ruled in 2017 Geração couldn’t appoint candidates due to conflict of interest.
After months of negotiations, Salama and CVM reached a deal.
CVM was expecting Salama to pay a BRL 400,000 fine while giving up any administrative or board position for two years.
Salama offered to pay BRL 500,000 but with the condition he could assume any position he’d like.