Brazil’s securities regulator may expand an investigation into currency derivatives transactions at Aracruz Celulose SA that led to a loss of $2.13 billion in 2008 to include more of the company’s former board members, O Estado de S. Paulo reported, citing people it didn’t identify.
The regulator, known as CVM, sought to deepen the investigation after suspending a judgement that was planned for Dec. 8 2010, O Estado said. The accusations may be revised to include all of Aracruz’s former board members, instead of just two, according to the newspaper. There is no estimated date for the new judgement, O Estado said.
CVM didn’t comment on the specific case, according to O Estado.