Casino submitted today a counter-claim against Abilio Dos Santos Diniz in an existing arbitration procedure.
Casino seeks among other things a declaration that Mr. Diniz’s election as Chairman of the Board of Brasil Foods S.A. (“BRF”), one of CBD’s largest suppliers, without resigning as Chairman of the CBD Board, conflicts with CBD’s interests in violation of Brazilian law and the shareholders’ agreements between the parties. Casino is also requesting confirmation that Casino may take steps to protect CBD’s interests in conformity with the shareholders’ agreement, without prejudice to any measure that may be taken by CBD in the meantime.
Casino’s decision to bring the matter to arbitration, as provided under the agreements with Mr. Diniz, results from Mr. Diniz’s refusal to resign from CBD’s Board despite repeated requests that he recognize the clear and permanent conflict resulting from his decision to serve as Chairman of both CBD and BRF.
Casino, CBD’s controlling and largest shareholder, intends to take all appropriate measures to protect CBD, its management, shareholders and other stakeholders from the conflict of interest created by Mr. Diniz.
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or
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