Violation Tracker Global

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Violation Tracker Global: Individual Record

Company: Vale S.A.
Current Parent Company: Vale S.A.
Parent at the Time of the Penalty Announcement: Vale S.A.
Jurisdiction: United States
Region: North America
Penalty Currency: U.S. Dollar
Penalty Amount in Original Currency: 55,900,000
U.S. Dollar Equivalent at the Time of the Penalty Announcement: $55,900,000
Year: 2023
Date: March 28, 2023
Agency: Securities and Exchange Commission
Offense Group: financial offenses
Offense Category: accounting fraud or deficiencies
Description: Vale S.A., a publicly traded Brazilian mining company and one of the largest iron ore producers in the world, agreed to pay $55.9 million to settlecharges stemming from the company's allegedly false and misleading disclosures about the safety of its dams prior to the January 2019 collapse of the Brumadinho dam that killed 270 people. The SEC's complaint alleged that, for years, the dam did not meet internationally-recognized safety standards even as Vale's public sustainability reports assured investors that all of its dams were certified as stable.
HQ Country of Current Parent: Brazil
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: mining and minerals
Specific Industry of Current Parent: mining
Source of Data: (click here)
Link to this record on U.S. Violation Tracker: here
VTG Record ID: VTG24-24964