Iron ore miner Vale SA's chief financial officer and its former chief execu...
BRASILIA/SAO PAULO - Iron ore miner Vale SA’s chief financial officer and its former chief executive should be indicted for murder, a Brazilian Senate committee probing a deadly dam collapse recommended on Tuesday.
The 400-page report recommended that a total of 15 individuals, including the two executives, be indicted for murder, wrongful bodily injury, environmental damages and pollution. Vale, a formerly state-owned Brazilian “national champion” which is a leading exporter and employer, said it “respectfully disagrees” with the indictment recommendations.
Vale shares, which early in the session touched their highest since before the Brumadinho disaster, closed down 4.2%. Brazil must take action to ensure that “never again” will such a disaster occur, it said, recommending three laws that would require congressional approval. The investment banking unit of Brazil’s Bradesco said such a tax is unlikely to be implemented given that comparable taxes in Australia and Mexico are up to 7.5%. But the bank said the rate is likely to rise for Brazilian miners from the current 3.5%.
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