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Petrobras board nominee was once fined for insider trading

Published 01/15/2019, 12:58 PM
© Reuters.  Petrobras board nominee was once fined for insider trading
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  • One of three new board members nominated by Brazil’s government to sit on the Petrobras (PBR -1.1%) board was fined in 2016 by securities regulator CVM for insider trading, Reuters reports.
  • Nominee John Forman, a former director of national oil regulator ANP, was fined 338,500 reais ($91,540) by the CVM in 2016 for insider trading; Forman, who is appealing the ruling in federal court, has not paid the fine.
  • Separately, PBR says it plans to exercise its preferential rights to operate three blocks in the next pre-salt deepwater auction, due later this year, under a production-sharing contract scheme.
  • PBR says it wants to operate with a 30% stake the Aram, Norte de Brava and Sudoeste de Sagitário blocks.
  • Now read: ILF: Exposure To Large-Cap Latam


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