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SÃO PAULO – Four days after the start of a dike in Brumadinho (MG), a group of shareholders of Vale (VALE3) filed a lawsuit against the company with the CVM on Tuesday evening (29) (Comissão de Valores Mobiliários). They request an administrative inquiry to determine whether the minor has omitted information on the socio-environmental risks of his developments in Pará, Maranhão and Minas Gerais and manipulated the market.
The ten shareholders who signed the complaint also request that, if Vale's liability is verified and his behavior declared illegal, penalties such as a fine and a suspension for the exercise of activities on the stock market are applied.
The document recalls that, in accordance with the regulation of the activities of listed companies, it is necessary to submit a report to the Federal Prosecution for legal action to be taken.
it is their duty to periodically disclose information about important deeds or facts and that Vale has put in place its own policy to comply with this determination. The complainants badert however that such a commitment has not been confirmed in practice. "It is stressed that the risks and impacts are not disclosed in the documents intended for investors, which indicates a practice of manipulation of the market," says the text.
In the case of Pará and Maranhão, it is alleged that, in the report, the company summarizes the risks badociated with its core business "to a disagreement with the affected communities", but does not enter into the details, such as "1) disregard for traditional lifestyles, 2) forced deterritorialization, 3) (4) environmental contamination, (5) irregular deforestation, (6) non-compliance with licensing provisions environmental, etc. "
" The modus operandi of the company places in the income of the shareholder of Vale, because it leaves the company at the mercy of its civil liability (and even criminal ) resulting from legal proceedings, by not mentioning his liability for such "risks", he uses instruments In 1962, the shareholders argued that there was a "wrong choice" of in the 39; State of Minas Gerais,] joint ventures as Samarco (badociation with BHP Billiton) and "clumsy management" as factors related to the disruption of the Fundão dam in Mariana in November 2015. The case left 19 dead and considered the biggest environmental disaster in history from the country.
"There is ample evidence to suggest that the incident occurred because of the company's negligence in monitoring dams and resolving identified problems." Samarco decided to reduce security costs, on which Vale could never agree, "says the document, which also refers to" the negligence of the company to monitor the dams and correct the identified problems. " Shareholders still say that the company does not disclose the data that it has and that it uses in negotiations with the Brazilian authorities for reparations.
attention to the fact that the civil society alerted Vale on the fact that the rigor in the process of expansion and continuity of the mine "was less than what was necessary in view of the size and potential of the project "
. the successes of the socio-environmental incidents involving the company demonstrate that Vale does not respect the commitment to prioritize the management of the impacts and the search for zero damages for the employees and the surrounding communities, as foreseen in their manuals # 39; s operating. On the market side, they argue that the alleged lack of relevant information for decision making is detrimental to investors.
"Financial losses other than loss of life are obvious to the shareholders of the company, potentially misleading all these years, without any information on the strength of the company's tailings dams." In this sense , three days after the disruption, the stock price fell, "notes the document handed over to the CVM
Besides the application of fines and the suspension of the authorization or of the registration for the exercise of market activities, shareholders ask Vale to republish, with corrections or additions, financial statements, reports and information qualified as price manipulations.
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