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MP requests confiscation of Vale and BHP assets in the amount of Samarco's debt of R$50.7 billion - Money Times

MP requests confiscation of Vale and BHP assets in the amount of Samarco’s debt of R$50.7 billion – Money Times

The purpose of this measure is not to compensate for social and environmental damage…but, rather, to ignore Samarco’s legal personality (Photo: Reuters/Washington Alves)

Public Prosecution Minas Gerais asked that justice Temporary suspension of assets of mining companies Valley (VALE3) and BHP Group in the value of the credits included in its joint venture Samarco in the judicial refund request, amounting to 50.7 billion riyals, according to a court document seen by Reuters.

a samarco It filed for bankruptcy protection in April, unable to restructure its debt after a dam collapse in the Mariana (MG) in 2015, which left 19 people dead and unleashed a giant wave of tailings.

“The purpose of this measure is not to compensate for social and environmental damage… but rather to disregard Samarco’s legal personality until the companies controlling their assets respond to the obligations submitted to judicial reorganization. The process that… has been used as a tool for maneuvering by shareholders Vale and BHP,” he said. MP in the document.

BHP, Vale and Samarco expanded on Wednesday and did not immediately respond to requests for comment.

However, the three companies in several positions have stated that the responsibility for repairs and compensation due to the disaster, as well as debts acquired for this purpose, rests with Samarco.

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