Business

Ex-Vale CEO charged with homicide for Minas Gerais dam disaster

Brazilian state prosecutors on Tuesday charged Fabio Schvartsman, the former chief executive of mining giant Vale SA, and 15 other people with homicide for a dam disaster last year that killed more than 250 people. Vale and TUV SUD were also charged with environmental crimes. The collapse of the Vale tailings dam in the town of Brumadinho was one of the world’s deadliest mining accidents and knocked $19 billion off Vale’s market value in a single day. Vale shares were down 2.5% in Sao Paulo yesterday trade.

Source: Reuters