Bolsonaro nominee to Petrobras board fined in 2016 for insider trading

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One of three new board members nominated by the Brazilian government to sit on the board of state-run oil company Petroleo Brasileiro SA (PETR4.SA) was previously fined by securities regulator CVM for insider trading, according to documents seen by Reuters.

The disclosure raises tough questions for new far-right President Jair Bolsonaro and Petrobras Chief Executive Roberto Castello Branco, who have vowed to end years of graft involving the oil company and Brazil’s political class.

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