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You are at:Home » SEC Sues Brazilian Miner Vale Over ‘False and Misleading’ Claims About Safety of Dams
SEC Sues Brazilian Miner Vale Over ‘False and Misleading’ Claims About Safety of Dams

SEC Sues Brazilian Miner Vale Over ‘False and Misleading’ Claims About Safety of Dams

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By admin on January 30, 2023 Insurance

The U.S. Securities and Trade Fee (SEC) on Thursday sued Brazilian miner Vale for allegedly making false and deceptive disclosures concerning the security of its dams forward of a 2019 catastrophe that killed 270 individuals.

Starting in 2016, Vale manipulated dam security audits, obtained fraudulent stability certificates and misled native governments, communities and buyers with its environmental, social and governance (ESG) disclosures, the SEC alleged in an announcement and courtroom submitting.

“Vale denies the SEC’s allegations, together with the allegation that it violated U.S. regulation in its safety filings,” the corporate stated in a submitting, including it could vigorously defend itself.

In January 2019, the corporate’s dam within the Brazilian city of Brumadinho burst, unleashing a river of poisonous mining waste that crushed a Vale eating corridor and destroyed components of the close by countryside.

Vale, one of many world’s largest producers of iron ore, allegedly knew for years that its Brumadinho dam didn’t meet internationally acknowledged requirements for dam security, the SEC stated.

Along with the loss of life toll, the catastrophe precipitated “immeasurable environmental and social hurt” and led to greater than $4 billion in losses to Vale’s market capitalization, the company stated.

“Whereas taking filled with benefit of the capital markets in the USA, Vale dedicated securities fraud by deliberately concealing the dangers that considered one of its older and extra harmful dams, the Brumadinho dam, would possibly collapse,” the SEC stated.

Underneath Democratic management, the SEC has pledged to crack down on public corporations that could be inflating their ESG credentials to draw buyers and burnish their popularity, or which can be underplaying associated dangers.

The SEC final month unveiled a landmark proposal that required U.S.-listed corporations to reveal climate-related dangers. Final yr, it created an enforcement process power to police misconduct associated to ESG points.

The SEC’s criticism, filed in federal courtroom in New York, charged Vale with violating anti-fraud and reporting provisions of U.S. securities legal guidelines.

Vale shares briefly turned unfavourable after information of the SEC costs earlier than rising to commerce about 1.3% larger in Sao Paulo.

(Reporting by Chris Prentice; further reporting by Tatiana Bautzer; modifying by Paul Simao and Lisa Shumaker)

{Photograph}: A construction lays in ruins after a mine tailings dam, operated by Vale SA, collapsed close to Brumadinho, Brazil, on Friday, Jan. 25, 2019. Picture credit score: Leo Drumond/Nitro by way of AP.

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