Senate Calls Petrobras and IG4 to Answer for Maceio
BRAZIL · INDUSTRY
Key Facts
- —The vote The Senate economic affairs committee approved requirement 100/2026 on Tuesday 1 September 2026.
- —Who asked Senator Renan Calheiros of the MDB, who represents Alagoas and chairs the committee.
- —Who is invited Magda Chambriard, president of Petrobras and chair of Braskem’s board, and Helio Batista Novaes of IG4 Capital, the board’s vice-chair.
- —Not a summons Both were invited to a public hearing rather than compelled to appear. No date has been set.
- —The concern Calheiros cited the systematic exclusion of victims from talks over the change of control at Braskem.
- —The backdrop Braskem filed for extrajudicial recovery on 24 August covering about US$10.9 billion, accepted by a Sao Paulo court on 28 August.
Braskem is changing owners and restructuring debt at the same time. Alagoas wants to know what happens to the people whose neighbourhoods sank.
Brazil’s Senate economic affairs committee has approved inviting Petrobras and the asset manager IG4 Capital to explain what the Braskem ownership change means for Maceio. The vote was held on Tuesday 1 September 2026.
What Was Approved
The committee is the Comissao de Assuntos Economicos, the economic affairs committee, not the environment committee. It approved requirement 100 of 2026.
The request came from Senator Renan Calheiros of the MDB. He chairs the committee and represents Alagoas, the state where the subsidence happened.
Two people are invited. Magda Chambriard is president of Petrobras and chairs Braskem’s board. Helio Batista Novaes is a partner-director of IG4 Capital and the board’s vice-chair.
This is an invitation, a convite, rather than a compulsory summons. No hearing date has yet been fixed.
What the Committee Wants Answered
The stated purpose covers the participation of victims in negotiations over the change of control at Braskem, and the shape of the new corporate structure.
It also covers the extrajudicial recovery proceeding and how environmental and financial liabilities from the subsidence are being calculated.
Calheiros pointed to what he called the systematic exclusion of victims from the control talks.
He has argued that the corporate reorganisation cannot result in the undervaluation, concealment or postponement of obligations tied to the disaster.
Live Company IntelligencePetroleo Brasileiro Petrobras SA ADR — the full investor dossier
Wall Street view
Valuation & profitability
Price & risk
$10.6552-wk high
$21.44
Revenue trend · 6y
Ownership
Dividend
Who IG4 Capital Actually Is
IG4 Capital is a Brazilian asset manager co-founded and led by Paulo Mattos. Its role here runs through a fund, the Shine I FIP, managed by Vortx Capital and advised by IG4.
On 17 April 2026, Novonor, formerly Odebrecht, agreed to sell 226.3 million ordinary shares and 47.3 million class A preferred shares to Shine I. That is about 50.1% of voting capital and 34.3% of total capital.
No cash changed hands. Novonor received debentures that Shine I had previously acquired from a fund holding Novonor’s bank debt. The transaction was reported at around 20 billion reais.
Control is shared with Petrobras, the second-largest shareholder, under a shareholders agreement. Novonor keeps about 4%. CADE’s general superintendence cleared the structure without restrictions on 9 March 2026.
The Disaster the Hearing Is About
Five Maceio neighbourhoods are affected: Pinheiro, Mutange, Bebedouro, Bom Parto and part of Farol. Together they cover roughly 5% of the city’s urban area.
About 60,000 people have been displaced since 2018. More than 14,000 properties were placed at risk, of which roughly 78% have been demolished.
Rock-salt extraction began in 1976. Ground movement appeared in 2018, geological studies confirmed the link in May 2019, mining stopped that year and well-sealing began in November 2019.
Braskem has paid about 4.25 billion reais in compensation and social rent. Of 19,205 proposals presented, 19,144 were accepted and 19,132 paid.
Roughly 17 billion reais remains claimed across 14 civil actions, alongside a federal heritage-damage estimate of about 5 billion reais.
Why the Timing Alarms Alagoas
Braskem filed for extrajudicial recovery on 24 August 2026, covering about US$10.9 billion of financial debt. Early reporting put the figure at 54 billion reais; the court filing was around 56.29 billion.
A Sao Paulo bankruptcy court accepted the filing on 28 August and granted a 120-day stay on creditor actions. Braskem has 90 days to show it has the quorum for approval of its plan.
The company says the process has a strictly financial scope and does not affect compensation payments or commitments in Maceio.
The Movimento Unificado das Vitimas da Braskem fears the opposite, that the filing becomes an instrument to protect the enterprise while families wait.
The public defender Ricardo Melro has said a restructuring of this size raises questions about Braskem’s future capacity to bear further claims.
What to Watch
The first marker is whether a hearing date is set. The invitation carries no compulsion, so attendance is a choice.
The second is the 90-day window on the recovery plan, which runs from late August.
The third is the 14 outstanding civil actions. A Maceio court split a 4 billion real action against Braskem in August.
The fourth is whether a tender offer for Braskem minorities is triggered or waived under the new control structure.
More: Brazil news in English, every day from The Rio Times.
Frequently Asked Questions
Which committee approved the invitation?
The Senate’s Comissao de Assuntos Economicos, the economic affairs committee, on 1 September 2026, under requirement 100/2026.
Who has been invited?
Magda Chambriard, president of Petrobras and chair of Braskem’s board, and Helio Batista Novaes, partner-director of IG4 Capital and the board’s vice-chair.
How many people were displaced in Maceio?
About 60,000 since 2018, across five neighbourhoods covering roughly 5% of the city’s urban area.
Does the debt restructuring affect compensation?
Braskem says the process has a strictly financial scope and does not affect Maceio payments. Victims’ representatives dispute that assurance.
Sources: Agencia Senado, Poder360, Bloomberg Linea, Reuters, BBC News Brasil, CADE.
This article was drafted with automated assistance and reviewed before publication. How we use AI · Report an error
Read More from The Rio Times