Vale informs on court decision which denies request for freezing order
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Vale informs on court decision which denies request for freezing order
Vale informs, in continuity to the press release dated of August 26th, 2020, that Judge Elton Pupo Nogueira, of the 2nd Public Finance Court of Belo Horizonte, rejected the request for the freezing of R$ 26.7 billion filed by the Public Prosecution Office of the State of Minas Gerais (MPMG) and other plaintiffs in the Public Civil Action¹ of Brumadinho, referring to the rupture of the B1 Dam, located in Córrego do Feijão.
The decision takes into consideration that Vale "has been actively cooperating with the development of the legal proceeding, as well as making efforts and expending financial resources to repair all the damages identified in the process". The disbursement of approximately R$ 7.8 billion in remedial and compensatory measures and R$ 1.5 billion for fighting COVID-19 was highlighted, in addition to the fact that Vale injected approximately R$ 1 billion into the economy of the Brumadinho region. The decision also mentions that approximately R$ 10 billion in net guarantees, presented by Vale, are available in the proceeding, and that the Company has defrayed all the research and technical investigations ordered by the court, without showing any resistance to the assessment of the damage.
The company reiterates its commitment to the reparation and the compensation of damages caused by the rupture of the dam, which started immediately after the event.
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