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Braskem faces stock market suspension for failing to submit financials at deadline


 

 

SAO PAULO
Petroleumworld 07 06
2017

Brazilian petrochemical company Braskem may be suspended from Level 1 trading at the São Paulo Stock Exchange after failing to submit certain financial statements within a deadline, stock market operator B3 told Reuters on Wednesday.

Braskem, whose stock market quotes are being given separately as a result of the delay, had until June 22 to formally present a defense.

"The case will be ruled on this week and could result in the suspension of the company," the bourse said. If the problem persists, at the end of the process Braskem may be compulsorily delisted from Level 1 trading, the bourse said in an emailed statement.

Local newspaper Valor Economico said on Wednesday a ruling on the suspension would be made this week. It said Braskem had submitted only unaudited statements for the first quarter, the fourth quarter of 2016 and the full 2016 result.

Braskem said it is working with independent auditors to finish the financial statements.

According to Valor, Braskem said the delay was due to a pending analysis by independent auditors related to internal controls and procedures after the company signed plea deals with federal prosecutors in Brazil, the United States and Switzerland in connection with a massive graft scheme known as Operation Car Wash.

Brazil-based construction firm Odebrecht SA and Braskem agreed to pay at least $3.5 billion in the leniency deal it signed to resolve some international charges involving payoffs to former executives at Brazil's state-controlled Petroleo Brasileiro SA, politicians and others.

Braskem is jointly owned by Odebrecht and Petrobras.

According to B3, other listed companies have been suspended from trading due to delays in submitting financial statements, including mining concern MMX Mineração e Metálicos in 2014 and engineering firm Inepar SA Industria e Construções in 2016.

Level 1 trading requires companies to maintain a free-float of at least 25 percent of capital. The deadline to cure delays in the submission of financial statements is 30 days, B3 said.

Braskem's shares closed flat on Wednesday in Sao Paulo, at 34.34 reais.




Reporting by Ana Mano; Editing by Jonathan Oatis from Reuters.

reuters
.com
07 05 2017

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