Brazilian iron ore miner Vale SA is dismissing Chief Executive Fabio Schvartsman...
RIO DE JANEIRO - Brazilian iron ore miner Vale SA is dismissing Chief Executive Fabio Schvartsman, as well as several other high-ranking employees, a source with direct knowledge of the matter told Reuters on Saturday, after one of its mining dams burst in January killing hundreds.
State and federal prosecutors had earlier in the day recommended the “immediate removal” of Schvartsman and three other executives from “any functions or activities” at the firm. According to the source, who requested anonymity because the matter has not been announced publicly, Vale’s board decided to follow prosecutors’ recommendations, meaning all of the people will be dismissed.Vale did not immediately respond to a request for comment.
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