Vale CEO ignored warning on mines

Nov. 05, 2019 4:26 AM ETVale S.A. (VALE)VALEBy: Yoel Minkoff, SA News Editor
  • Authorities are investigating ex-Vale (NYSE:VALE) CEO Fabio Schvartsman's response as they explore whether a culture of retaliation at the company contributed to the deadly mine-dam collapse that killed 270 people on Jan. 25.
  • The incident came less than four years after another dam owned jointly by Vale and BHP in the same Brazil state also burst, killing 19 people and leaving hundreds homeless.
  • Vale's top managers received an anonymous email warning about the state of the miner’s dams two weeks before the most recent disaster, a note that prompted Schvartsman to pursue the writer's identity and call the person a "cancer."
  • Schvartsman said he believed the anonymous email to be from an employee who was disgruntled over his policies.

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