In December, Brazil’s securities regulator barred another former Sadia CFO, Adriano Ferreira, from managing public companies for three years for his role in exceeding company limits for derivatives trading in 2008. Board members were also fined 2.6 million reais as part of the same case.
Sadia fired Ferreira in September 2008. Less than two weeks later it accepted the resignations of Chairman Walter Fontana Filho and Vice Chairman Eduardo Fontana d’Avila.