Via Brazil Executives Settle Claims of Abusive Information Disclosure

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RIO DE JANEIRO, Aug. 18 (Reuters) – Brazilian securities regulator CVM has reached a settlement of 546,000 reals ($ 103,000) with two executives at electronics and home appliance retailer Via for allegedly leaking market-sensitive information inappropriately.

According to a copy of the regulation posted on the CVM website on Wednesday, Via chief executive Roberto Fulcherberguer and head of investor relations, Orivaldo Padilha, participated in four live online interviews in April 2020.

In those interviews, which were picked up by the Brazilian press, executives said the company is drastically cutting its capital spending for 2020 due to the COVID-19 pandemic.

The CVM alleged that the talks violated securities regulations in Brazil, which require that sensitive market information be first disclosed through certain formats, such as securities filings.

According to the regulations, Fulcherberguer agreed to pay 240,000 reais and Padilha agreed to pay 306,000 reais. None of them could be immediately reached for comment.

Via, which changed its name to Via Varejo in April, did not immediately respond to a request for comment.

($ 1 = 5.29 reais)

(Reporting by Gram Slattery; Editing by Emelia Sithole-Matarise)

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