Shares in Brazil's Vale SA, the world's largest iron-ore miner, fell o...
FILE PHOTO: Vale S.A. CEO Fabio Schvartsman gestures during a session of the external commission of Brumadinho at the Chamber of Deputies in Brasilia, Brazil February 14, 2019. REUTERS/Ueslei Marcelino
Brazilian prosecutors had requested that the executives be “temporarily removed,” the company said in a statement. It is unclear how long the “temporary” removals will last or if they could become permanent. When contacted, Vale declined to comment. Brazil’s Bovespa stock exchange was closed on Monday due to the country’s annual carnival celebrations and will not resume trading until Wednesday afternoon.
“The last thing Vale needs is a change of leadership at a time when they need stability,” said Paul Gait, a senior analyst at London-based Bernstein Investment Research and Management. “It’s odd timing. It’s neither in the immediate aftermath nor at a point when we know exactly what has happened.”
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