Consistent with Amec’s concern, CVM blocks abuse against minority shareholder in Saraiva

Print Friendly, PDF & Email

In line with Amec’s Notice to the Market, the Brazilian Securities and Exchange Commission – CVM – decided that there is no legal support to forfeit the rights of Saraiva’s minority shareholder GWI Investimentos. The decision was taken in July, few days before the shareholders’ meeting during which the board also decided to remove the board member Mu Hak You, manager and founder of GWI Investimentos, and Ana Maria Loureiro Recart, member of the conselho fiscal nominated by Mu Hak.
In its analysis, the Office of the Superintendent of Companies – SEP – stated that it only checked whether there were irregularities in the shareholders’ meeting agenda and that its scope is not aimed to definitely solve abuse claims by the parties (both Saraiva and GWI), what must be addressed in other procedures being processed at CVM.
Click here to access CVM decision.