Petrobras

Petrobras – Favorable decision by CVM Collegiate on Sanctioning Administrative Process

Rio de Janeiro, July 11, 2017 – Petróleo Brasileiro S.A. – Petrobras reports that the Collegiate of the Securities and Exchange Commission of Brazil (“CVM”), in a public meeting held today, expressed an understanding favorable to the company in the CVM Sanctioning Administrative Process no. RJ2015/10276.

The purpose of said process is to investigate a possible failure to disclose information included in the 2010 Public Offering Prospect, on the acquisition of voting rights by preferred shareholders in the event of non-payment of their minimum dividends.

The CVM Collegiate unanimously upheld the company’s defense arguments, reiterating Petrobras’ positioning that the interpretation of the matter published in the Prospectus was reasonable, justified and legitimate, there being no fraudulent or inaccurate actions conducted by the company in the preparation of such document.

Categories: Petrobras

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