{"id":97746,"date":"2026-03-02T15:39:24","date_gmt":"2026-03-02T18:39:24","guid":{"rendered":"https:\/\/murray.adv.br\/?p=97746"},"modified":"2026-03-02T15:39:24","modified_gmt":"2026-03-02T18:39:24","slug":"closed-door-vote-at-brazil-regulator-sparks-scrutiny-in-ambipar-case","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/closed-door-vote-at-brazil-regulator-sparks-scrutiny-in-ambipar-case\/","title":{"rendered":"Closed-door vote at Brazil regulator sparks scrutiny in Ambipar case"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"medium-centered subtitle\">\n<h6 class=\"content-head__subtitle\" style=\"text-align: center\"><strong><em>Public spending watchdog questions CVM decision that spared company from tender offer benefiting Banco Master<\/em><\/strong><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p class=\"content-publication-data__updated\"><time datetime=\"2026-03-02T09:58:46.709-03:00\">03\/02\/2026\u00a0<\/time><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body \">\n<article>\n<div class=\"no-paywall\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"83\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The decisive meeting that upheld the controversial ruling by the Securities and Exchange Commission of Brazil (CVM)\u00a0<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/business\/news\/2026\/02\/24\/audit-court-questions-cvm-vote-on-ambipar-tender-offer.ghtml\" data-mrf-link=\"https:\/\/valorinternational.globo.com\/business\/news\/2026\/02\/24\/audit-court-questions-cvm-vote-on-ambipar-tender-offer.ghtml\">exempting Ambipar from launching a mandatory takeover bid<\/a>\u2014a decision that ultimately benefited\u00a0<strong>Banco Master<\/strong>\u2014was held behind closed doors and included the participation of an external federal prosecutor with no formal link to the case. Both elements, considered unusual by insiders, had remained internal matters within the regulator. They have now come to light after the technical staff of the public spending watchdog, TCU, questioned the vote.<\/p>\n<\/div>\n<div class=\"wall protected-content\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"50\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In recent weeks,\u00a0<strong>Valor\u00a0<\/strong>spoke with several\u00a0<strong>CVM\u00a0<\/strong>officials who participated in or had knowledge of details from the session, held just days before Christmas. The minutes of the meeting have yet to be published\u2014another peculiarity in the case. Typically, the agency releases minutes roughly 30 days after its meetings.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"59\" data-block-id=\"4\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In addition to confirming on the merits the decision to waive Ambipar\u2019s obligation to conduct a takeover bid, the board unanimously upheld the casting vote of then-interim chairman\u00a0<strong>Otto Lobo<\/strong>, which is now under scrutiny by the TCU, as previously reported by Valor. Lobo has been nominated by\u00a0<strong>President Lula<\/strong>\u00a0to chair the CVM and is awaiting Senate confirmation.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"21\" data-block-id=\"5\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Contacted by Valor, Lobo confirmed details of the meeting but said the deliberations followed standard institutional procedures applied in similar cases.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"51\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The Ambipar matter was the final item on an agenda that included five other proceedings, in a meeting that began at 10 a.m. on December 23, a Tuesday. The board was set to analyze appeals involving a pharmaceutical company, irregularities in the capital markets, and administrative matters under the CVM\u2019s authority.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"32\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">When Lobo called for a vote on the Ambipar appeal, participants were surprised by an unusual request: he asked all staff members not directly linked to the case to leave the room.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"73\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Although the CVM\u2019s Tuesday morning board deliberations are not open to the public, it is uncommon to ask agency staff to exit, as attendance by employees not directly involved in a specific case is generally permitted. Exceptions typically apply only when a matter is classified as confidential, which was not the case for the Ambipar discussion. After asking staff to leave, Lobo informed those present that he had called in an external participant.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"64\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The individual was federal prosecutor\u00a0Ilene Patr\u00edcia de Noronha Najjarian, who has worked at the CVM for many years and currently serves as a sitting member of the National Financial System Appeals Council (CRSFN), which reviews sanctions imposed by the CVM, the Central Bank, and the Financial Activities Control Council (COAF). She is in her second term representing the CVM at the appeals body.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"88\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">According to accounts from those present, Najjarian\u2019s participation caused discomfort. The CVM\u2019s Specialized Federal Attorney\u2019s Office (PFE) had previously taken an institutional position against Lobo\u2019s interpretation, arguing that he should not have exercised the casting vote that exempted Ambipar from the tender offer requirement. In the PFE\u2019s view, Lobo could not break the tie because when the case first came before the board, he was not the CVM\u2019s chairman. At the time,\u00a0<strong>Jo\u00e3o Pedro Nascimento<\/strong>\u00a0chaired the agency and had voted in favor of requiring the takeover bid.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"60\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">When the case returned to the agenda after Lobo requested additional review, the vote was tied two-to-two. Director\u00a0<strong>Marina Copola<\/strong>\u00a0sided with Nascimento in favor of the tender offer, while Director Jo\u00e3o Accioly voted with Lobo. Lobo then cast the tie-breaking vote in favor of Ambipar and its shareholders, including Banco Master,\u00a0<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/business\/news\/2026\/01\/15\/brazilian-tycoon-tanure-offloads-assets-as-banco-master-unravels.ghtml\" data-mrf-link=\"https:\/\/valorinternational.globo.com\/business\/news\/2026\/01\/15\/brazilian-tycoon-tanure-offloads-assets-as-banco-master-unravels.ghtml\">Nelson Tanure<\/a>, and controlling shareholder T\u00e9rcio Borlenghi Junior.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"42\" data-block-id=\"13\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">During the December meeting, the PFE reiterated its position, this time through acting chief federal prosecutor\u00a0<strong>Marcelo Mello Alves Pereira<\/strong>, who had taken over from Luciana Alves. She had stepped down from the role in September, months after formally opposing Lobo\u2019s interpretation.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"76\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">According to people familiar with the matter, Alves had already indicated she intended to head the CVM\u2019s attorney\u2019s office for only two years. She had been in charge of the Specialized Federal Attorney\u2019s Office (PFE) since 2023. However, Valor has learned that Lobo\u2019s appointment as interim chairman of the CVM also weighed on her decision, given that the PFE provides direct legal counsel to the chairman, who is responsible for appointing the head of the office.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"50\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In this context, Marcelo Mello Alves Pereira was serving as head of the CVM\u2019s legal department. Although he maintained the PFE\u2019s formal position against Lobo\u2019s procedural interpretation, the interim chairman gave the floor to Najjarian, who spoke in support of Lobo\u2019s view and against the stance of the PFE itself.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"59\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Participants described the moment as awkward, noting that Najjarian\u2019s remarks contradicted the position of her direct superior. Among federal prosecutors, the episode was viewed as a form of insubordination. Sources also noted that in recent years, there have been no reports of Najjarian participating in board-level decision meetings, as she does not hold a leadership role within the PFE.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"34\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">\u201cIf everyone not linked to the case had to leave the room, why was a prosecutor who did not head the legal department allowed in to contradict her superiors?\u201d a CVM source told Valor.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"36\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">During Lobo\u2019s interim leadership, sources said Najjarian had been consulted on other occasions regarding legal doubts in certain decisions. Should the Senate confirm Lobo as chairman, she is considered the leading candidate to head the PFE-CVM.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"58\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Another element that drew attention during the December judgment was the stance of CVM Superintendent-General Alexandre Pinheiro, who heads the agency\u2019s technical staff. Although the technical department had challenged Lobo\u2019s interpretation, exempting Ambipar from the tender offer, Pinheiro submitted a written statement supporting Lobo\u2019s view, which was read during the meeting. He was not present at the session.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"39\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Pinheiro\u2019s position was poorly received by other superintendents, who felt unsupported in a high-profile and controversial case. In the initial vote, when Lobo cast the deciding vote, Pinheiro had not made any statement, despite being present at that session.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"35\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">At the conclusion of the December meeting, the board unanimously rejected the appeal filed by the technical staff. While Copola maintained that the tender offer was required, she supported Lobo\u2019s interpretation regarding the casting vote.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"62\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The connection between Banco Master and Ambipar emerged after the capital markets regulator investigated an alleged coordinated operation involving the bank and businessmen Nelson Tanure and T\u00e9rcio Borlenghi Jr., Ambipar\u2019s main shareholder, to boost the company\u2019s share price by roughly 800% between June and August 2024. Had Ambipar been required to conduct a tender offer, those shareholders would have faced multi-billion-real payments.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"48\" data-block-id=\"25\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The TCU\u2019s technical staff identified \u201cindications of wrongdoing\u201d in Lobo\u2019s casting vote. In a formal opinion, they concluded that because the original judgment began under Jo\u00e3o Pedro Nascimento\u2019s presidency, the tie-breaking vote should have been attributed to him, even though he was not present at the December session.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"58\" data-block-id=\"26\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Lobo was nominated to chair the CVM by President Lula in January, in a move that reportedly went against the preference of the Finance Ministry, to which the CVM is linked. His nomination has been attributed to members of the judiciary, business figures close to Lula, and leaders from the Centr\u00e3o, a cluster of center-to-right parties in Congress.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"37\" data-block-id=\"27\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In a statement to Valor, Lobo said the \u201cconduct of the proceedings observed the applicable institutional procedures.\u201d The removal of individuals from the room, he said, aimed to \u201cminimize the risk of information leakage before official publication.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"42\" data-block-id=\"28\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Regarding Najjarian\u2019s participation, Lobo said she \u201chad a formal understanding of the case, as did the superintendent-general.\u201d He described the move as consistent with session dynamics \u201cwhenever legal advisory support or the hearing of professionals with broad technical insight is deemed appropriate.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"25\" data-block-id=\"29\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Former PFE chief Luciana Alves said, through the Federal Attorney General\u2019s Office (AGU), that her departure was for personal reasons unrelated to the Ambipar case.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"16\" data-block-id=\"30\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Najjarian said inquiries should be directed to the CVM and the AGU. Both institutions were contacted.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"56\" data-block-id=\"31\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In a statement, the CVM said the minutes had not yet been published \u201cdue to workflow\u201d and would be made available \u201cin due course.\u201d Regarding Najjarian\u2019s presence, the regulator did not provide a copy of her statement or explain the reason for her participation, saying the relevant institutional information would be reflected in the minutes.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"44\" data-block-id=\"32\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">On the superintendent-general\u2019s absence, the CVM said he was \u201con recess\u201d and represented by his deputy, Maria L\u00facia Macieira de Mello. The agency did not provide the written statement read during the session and recommended \u201cconsultation of the meeting minutes at the appropriate time.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"34\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Valor also asked how many board meetings Najjarian attended over the past five years, but received no response. The CVM likewise did not answer whether she would declare herself recused from judging Ambipar-related cases at the CRSFN should appeals arise in the future.<\/p>\n<\/div>\n<div data-track-category=\"multicontent\" data-track-action=\"ultimo chunk conteudo\" data-track-noninteraction=\"false\" data-track-scroll=\"view\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"38\" data-block-id=\"35\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">All other parties mentioned were contacted. Banco Master and Ambipar declined to comment by press time. Nelson Tanure said his acquisition of Ambipar shares occurred after the events described by the CVM and that there were no irregularities.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">*By\u00a0Guilherme Pimenta\u00a0\u2014 Bras\u00edlia<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Source: Valor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Public spending watchdog questions CVM decision that spared company from tender offer benefiting Banco Master &nbsp; &nbsp; 03\/02\/2026\u00a0 The decisive meeting that upheld the controversial ruling by the Securities and Exchange Commission of Brazil (CVM)\u00a0exempting Ambipar from launching a mandatory takeover bid\u2014a decision that ultimately benefited\u00a0Banco Master\u2014was held behind closed doors and included the participation [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26786,26787],"class_list":["post-97746","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-closed-door-vote-at-brazil-regulator","tag-sparks-scrutiny-in-ambipar-case"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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