Eike’s appeal against MMX’s bankruptcy would be heard in a second instance on Wednesday (31), but the trial has been postponed to April 14. The process has been marked by a series of legal disputes and clashes with creditors and investors.
On Tuesday (30), Abradin (Brazilian Association of Investors) filed with CVM (Securities and Exchange Commission) another complaint against the mining company, questioning an agreement with Chinese investors for a possible investment of funds in the company.
Neither MMX nor Eike’s lawyers in the company’s judicial reorganization process responded to a request for an interview on the matter.
The debt enforcement request refers to administrative proceedings filed by the Federal Revenue for non-payment of taxes and fines by MMX in the 2000s. In case of non-payment, PGFN requests the expropriation of assets, values and rights of debtors.
PGFN does not give details about the debts, but Abradin says that this is the non-payment of taxes on the sale of the Minas-Rio project to Anglo American in 2008, an operation that moved US $ 5.5 billion (R $ 9, 9 billion at the time, or R $ 19.3 billion in amounts restated by the IPCA).
Public information shows that MMX has, in Rio alone, R $ 3.5 billion in debts registered in the Union’s active debt. Also in Rio, Eike Batista has R $ 3.8 billion in debts recorded in the Union’s active debt.
The execution request, of November 2020, was annexed by Abradin in a complaint made to CVM on Tuesday about the announcement of an agreement for investment in the company, which the association calls “liar and fanciful” and with the interest of “manipulating the market of capitals “.
The agreement was announced in a material fact on the 25th and foresees an investment of US $ 50 million (about R $ 280 million), according to the current quotation of the Chinese fund CDIL (China Development Integration Limited) in the mining company, to finance the resumption of operations. in mines in Corumbá (MS).
MMX argues that, with the funds, it is able to recover and reverse the bankruptcy filing. For Abradin, however, the terms of the agreement have conditions that are impossible to be met, which would mean that the chance of the contribution “is a mere fantasy”.
Abradin also questions the origin of the investor, claiming that it is a company based in Hong Kong, at an address where several other companies are headquartered and is chaired by an executive who “is in the habit of opening paper companies in tax havens” .
“In summary, this company is, according to all indications, just a front company,” says the president of Abradin, Aurélio Valporto, in the text. The complaint calls for the suspension of business with MMX shares until the facts are clarified.
In November, news about the possibility of resuming MMX’s operations triggered a run for the company’s shares on the São Paulo Stock Exchange. The skyrocketing of the papers generated complaints about market manipulation, which are the target of CVM’s investigation.
At the time, the company announced a court decision to resume operations of two mines in Corumbá, which were leased to Vetor Mineração. In December, the injunction was overturned.
Last week, Eike received yet another conviction from the CVM in a lawsuit related to the extinct group X companies. This time, he was fined R $ 150 thousand for a conflict of interest in operation involving MMX and the power generator MPX (today Eneva ).
Earlier this month, the businessman was denounced by the Federal Public Ministry on charges of manipulation of the capital market. According to the prosecutors responsible for the case, he practiced fraud on the São Paulo, Toronto and Ireland Stock Exchanges.
Condemned in court for market manipulation and payment of bribes to the government of Sérgio Cabral, Eike had a plea bargaining agreement approved by the STF (Supreme Federal Court) in 2020.
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