May 21, 2018 / 12:28 PM / a year ago

Brazil regulator investigates dispute between CSN, shareholder

SAO PAULO, May 21 (Reuters) - Brazil’s CVM securities regulator has opened an administrative investigation into the investor relations director of steelmaker Companhia Siderurgica Nacional SA, following a shareholder complaint, a newspaper reported on Monday.

According to paper Valor Economico, Geração Futuro Lpar, a minority shareholder in CSN, as the company is widely known, accused investor relations director David Moise Salama of restricting access to the list of the company’s shareholders and withholding the names of two board candidates from an official bulletin in 2017.

In a copy of the investigation, which Valor obtained, CSN responded that Geração Futuro was secretly serving the interests of “notorious (CSN) opponent” Nippon Steel & Sumitomo Metal Corp , adding that CSN executives acted lawfully. The company also asked the CVM to investigate the ties between Geração Futuro and Nippon.

Nippon Steel is a major shareholder in competing Brazilian steelmaker Usiminas Siderurgicas de Minas Gerais SA, known as Usiminas.

Representatives for CSN and Geração Futuro did not immediately respond to a request for comment.

Reporting by Gram Slattery; Editing by Steve Orlofsky

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