Banco do Brasil CEO Bendine Said to Pay Tax-Related Fine in 2012

Aug 28, 2014 11:00 pm ET

Aug. 29 (Bloomberg) -- Banco do Brasil SA Chief Executive Officer Aldemir Bendine paid a 122,000 reais ($54,000) fine to Brazil’s tax agency in 2012, according to two people with direct knowledge of the matter.

Bendine, 50, wasn’t investigated after paying the fine, which was related to disclosures about his personal cash holdings, the people said, asking not to be identified discussing a personal financial matter.

Banco do Brasil, which is controlled by the federal government, said in an e-mailed statement yesterday that the matter was dismissed and Bendine has no outstanding issues with the tax agency. The statement didn’t give details about what the case involved.

Folha de S.Paulo reported the fine yesterday, without saying where it got the information. The newspaper said Bendine’s case was dismissed in January.

A press official for Receita Federal, the nation’s tax agency, declined to comment in an e-mailed statement, citing federal law.

Bendine took over in April 2009 as the company’s fourth chief executive in six years. Cassio Casseb resigned as CEO in November 2004, four months after lawmakers started an investigation into allegations he failed to report an offshore account to tax authorities. Casseb denied the allegations.

Brazil holds presidential elections in October.