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CVM condemns controlling shareholder of São Paulo Turismo SA for abuse of power of control

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This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content in its original language here.

Securities and Exchange Commission (CVM) judged, on 9/27/2022, the following sanctioning administrative proceedings (PAS):

  1. PAS CVM SEI 19957.006891/2021-70 : MS Auditores Independentes S/C.
  2. PAS CVM SEI 19957.008704/2017-14 : Municipality of São Paulo.
  3. PAS CVM SEI 19957.008086/2019-66 : Roberto de Rezende Barbosa, Manoel Feliz Cintra Neto, Luiz Masagão Ribeiro, Jair Ribeiro da Silva Neto, Afonso Antonio Hennel and Walter Iorio.

Know the cases

1. PAS CVM SEI 19957.006891/2021-70 was established by the Superintendence of Accounting and Auditing Standards (SNC) to determine any liability of MS Auditores Independentes S/C for not obtaining the minimum score required to meet the Continuing Professional Education Program (infringement of articles 20 and 34 of CVM Instruction 308 – in force at the time).

After analyzing the case and following the vote of the Reporting Director Alexandre Rangel, the CVM Board unanimously decided to condemn MS Auditores Independentes S/C to a fine of R$ 25,000.00 for the accusation made.

See more: access the technical area report and the vote of the Reporting Director Alexandre Rangel.

2. PAS CVM SEI 19957.008704/2017-14 was established by the Superintendence of Business Relations (SEP) to determine the responsibility of the Municipality of São Paulo, as controlling shareholder of São Paulo Turismo SA, for alleged abuse of power of control when exercising their right to vote at the Ordinary and Extraordinary General Meeting of 4/28/2017 (AGOE), filling all vacancies on the board of directors and fiscal councils that would be reserved for non-controlling shareholders (infringement of article 116, sole paragraph, c /c articles 239 and 240, all of Law 6,404).

After analyzing the case and following the vote of the Reporting Director Otto Lobo, the CVM Board unanimously decided to condemn the Municipality of São Paulo for the accusation made against:

  • Fine of BRL 180,000.00, for violation of art. 116, sole paragraph, with art. 239 of Law 6404, having exercised its right to vote at the AGOE in order to fill all vacancies on the board of directors .
  • Fine of BRL 180,000.00, for violation of art. 116, sole paragraph, with art. 240 of Law 6,404,  as he exercised his right to vote at the AGOE in order to fill all the vacancies on the fiscal council .

See more: access the report and the vote of the Reporting Director Otto Lobo.

3. PAS CVM SEI 19957.008086/2019-66 was established by the Superintendence of Business Relations (SEP) to determine the responsibilities of Roberto de Rezende Barbosa, Manoel Felix Cintra Neto, Luiz Masagão Ribeiro, Jair Ribeiro da Silva Neto, Afonso Antonio Hennel and Walter Iorio (as managers of Banco Indusval SA) for alleged irregularities in the Company’s capital increase operation (infringement of article 170, paragraphs 1 and 7, of Law 6,404).

After analyzing the case and following the vote of the Reporting Director Flávia Perlingeiro, the CVM Board unanimously decided* to:

  • acquittal of Roberto Barbosa, Manoel Felix, Luiz Masagão, Jair Ribeiro, Afonso Hennel and Walter Iorio on the charge of violating art. 170, first paragraph.
  • conviction of Roberto Barbosa, Manoel Felix, Luiz Masagão, Jair Ribeiro, Afonso Hennel and Walter Iorio to the penalty of warning for breach of the provisions of art. 170, paragraph 7.

See more: access the report and the vote of the Reporting Director Flávia Perlingeiro.

* The President of the CVM, João Pedro Nascimento, declared himself impeded and did not participate in the judgment of the case.

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Regulator Information

Abbreviation: CVM
Jurisdiction: Brazil

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