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Petrobras Board Member Rezende Suspended By Court

BRAZIL
  • PETROBRAS SAYS SERGIO REZENDE SUSPENDED FROM BOARD BY COURT (BBG)
  • On the above Petrobras headline: the decision has been based on alleged non-compliance with requirements of the company’s Bylaw when appointing a board member. Petrobras says it “will seek to reform the aforementioned decision through the appropriate appeal”. (BBG)
  • As previously reported, President Lula is expected to hold a rearranged meeting with ministers to discuss Petrobras later today. The meeting has been rearranged for 2200BST (1700ET) and follows reports last week that the government would consider whether CEO Prates will remain in his position as head of Petrobras.

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