Vale given 15 days to respond to court asset freeze

Vale given 15 days to respond to court asset freeze

Posted on by admin

Brazilian miner and iron ore producer Vale has been given 15 days to respond to a lawsuit filed by state and federal authorities.

As previously reported by SteelOrbis, prosecutors, the state of Minas Gerais, the Minas Gerais Office of the Public Defender, the Brazilian Federal Prosecutor Office, and the Attorney General Office (AGU) filed a lawsuit demanding a BRL 26 billion ($4.9 billion) asset freeze.

Vale was given 15 days to respond to the BRL 26 billion proposed asset freeze.

On top of that, all the entities have also separately asked BRL 28 billion ($5.2 billion) in compensation for collective moral and social damages, BRL 26.6 billion ($5 billion) for economic losses for Minas Gerais state, and BRL 361,250 ($68,112) for damages to an archeological site near the failing dam.

Leave a Reply

Your email address will not be published. Required fields are marked *