Vale CFO Should Face Criminal Indictment for Dam, Panel Says
- Brazil Senate committee suggests action against 14 executives
- Criminal investigations are already in course in Minas state
A pick up truck sits among debris after a Vale SA dam burst in Brumadinho, Minas Gerais state, Brazil, on Jan. 26, 2019.
Photographer: Victor Moriyama/BloombergThis article is for subscribers only.
A Brazilian Senate committee is expected to recommend that 12 current and former executives of Vale SA, including Chief Financial Officer Luciano Siani and ex-Chief Executive Officer Fabio Schvartsman, face criminal indictments for a fatal dam disaster in January.
The rapporteur of the committee proposed the indictments Tuesday after a 2-1/2-month congressional inquiry into the causes of the dam break that left at least 246 people dead and unleashed a sea of mud over the city of Brumadinho, where Vale had an inactive iron ore mine. His report says the company was negligent and its risk and compliance controls were flawed.