Sadia Shareholders to Sue Former CFO

Sadia shareholders have voted to sue Adriano Lima Ferreira, the company’s former CFO, for his alleged role in the company’s BRL760m loss, which surfaced in September. The loss was related to an FX derivative contract that moved against Sadia when the BRL rapidly devalued. Shareholders representing over 63% of the equity outstanding met Monday to review a report on the derivative-related loss prepared by BDO Trevisan, a specialized auditor, according to Sadia. The report alleges that the executive shirked his fiduciary duties in allowing the risky derivative contracts to be signed, the company says in documents filed with the local regulator. Elsewhere, Aracruz shareholders voted in November to sue Isac Zagury, its departed CFO, for the same reasons.