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The disclosure raises tough questions for new far-right
President Jair Bolsonaro and Petrobras Chief Executive Roberto
Castello Branco, who have vowed to end years of graft involving
the oil company and Brazil's political class.
Nominee John Forman was fined 338,500 reais ($91,540) by the CVM
in 2016 for insider trading, according to the ruling documents
seen by Reuters. The news was first reported by newspaper Valor
Economico, which said the ruling did not bar him from sitting on
the boards of public companies.
Forman, who is appealing the ruling in federal court, has not
paid the fine. He told Reuters that CVM had violated the law and
ignored evidence of his innocence.
In a statement, CVM said it "would adopt the necessary measures
to receive payment of the outstanding amount."
Petrobras, as the company is known, did not immediately respond
to requests for comment.
Forman, a former director of national oil regulator ANP, is one
of three nominees that the government wants to sit on the board
of the oil firm. The nominations come amid accusations that
Castello Branco has been pushing to oust other board members.
Forman was fined for the sale of shares in HRT Participações em
Petróleo, where he used to work. CVM found that Forman was
involved in moving shares ahead of the publication of a
regulatory filing about a development in an oil exploration
project in Namibia.
(Reporting by Ana Paula Ragazzi and Gabriel Stargardter; Editing
by Peter Cooney and Susan Thomas)
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