Gerdau SA (GGBR4.SA)
22 Nov 2017
R$ 0.16 (+1.52%)
Latest Key Developments (Source: Significant Developments)
: Brazilian steelmaker Gerdau SA
Gerdau SA:Gerdau SA has never given authorization for its name to be used in any allegedly unlawful tax negotiations, the company said in a Feb. 25 notice to the market. - AMMMKT.Some of Porto Alegre-based Gerdau’s Brazilian offices were recently raided by the Brazilian Federal Police, who questioned Gerdau chief executive officer André Gerdau Johannpeter on Feb. 25 ( amm.com, Feb. 25).While Gerdau has ongoing dealings with Brazil’s Administrative Council of Tax appeals (Carf), the company has “always used” external firms to obtain technical tax advice in these proceedings, Gerdau said, and it is cooperating with the investigation and with public authorities.The investigation looks into whether Carf rulings were inappropriately influenced to allegedly benefit certain companies in tax disputes, according to the Brazilian Federal Police.About 1.5 billion Brazilian reals ($375.7 million) in possible tax evasion is at stake in this sixth phase of the so-called “Operation Zelotes,” according to the public Feb. 25 police statement, which did not name Gerdau explicitly.The steelmaker has always “set strict ethical standards for its dealings with public agencies,” the company reiterated in its notice, signed by Gerdau executive vice president and investor relations director Harley Lorentz Scardoelli. Full Article
SAO PAULO, Nov 8 Brazilian steelmaker Gerdau SA still aims to invest around 1.3 billion reais ($400 million) this year, Chief Executive André Gerdau Johannpeter said on Wednesday, suggesting a surge in fourth-quarter capital spending.