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Violation Tracker Individual Record

Company: Vale S.A.
Current Parent Company: Vale S.A.
Penalty: $55,900,000
Year: 2023
Date: March 28, 2023
Offense Group: financial offenses
Primary Offense: accounting fraud or deficiencies
Violation Description: Vale S.A., a publicly traded Brazilian mining company and one of the largest iron ore producers in the world, agreed to pay $55.9 million to settlecharges stemming from the company's allegedly false and misleading disclosures about the safety of its dams prior to the January 2019 collapse of the Brumadinho dam that killed 270 people. The SEC's complaint alleged that, for years, the dam did not meet internationally-recognized safety standards even as Vale's public sustainability reports assured investors that all of its dams were certified as stable.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: Brazil
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: mining and minerals
Specific Industry of Current Parent: mining
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.