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Bullboard - Stock Discussion Forum Verde Agritech Ltd T.NPK

Alternate Symbol(s):  VNPKF

Verde AgriTech Ltd is an agricultural technology company that produces potash fertilizers. The principal activity of the Company is the production and sale of a multi-nutrient potassium fertilizer marketed in Brazil under the brands K Forte and BAKS, Silicio Forte, and internationally as Super Greensand (the Product). K Forte is a potash fertilizer that is a source of potassium, silicon, and... see more

TSX:NPK - Post Discussion

Verde Agritech Ltd > Verde lost lawsuit in Brazil and CEO is found guilty
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Post by simon2 on Feb 18, 2021 9:10pm

Verde lost lawsuit in Brazil and CEO is found guilty

Verde Agritech’s Brazilian subsidiary, Verde Fertilizantes, was sued by Ricardo Oliveira in 2014 for violating labor laws. After assessing information from publicly available data sources, it looks like Mr Oliveira, who was Verde’s Finance Manager from 2009 to 2013, finally won this lawsuit in 2021, which is no longer subject to appeal. On top of that, Mr Oliveira was granted indemnity for moral damage caused by Mr Veloso, the CEO and President of both Verde Agritech and Verde Fertilizantes, as per below details:
 
  1. ENGLISH TRANSLATED VERSION
 
“MORAL HARRASSMENT

However, the majority of this Panel understood that the documentary and testimonial evidence revealed that Cristiano Botelho Veloso treated managers, including the Claimant, with intimidation and pressure, communicating with them in a stormy and aggressive manner.
The atmosphere in the company was tense since Mr Veloso returned from UK to Brazil in 2012, as he started to exercise what is called stress and intimidation management. In this context, by a majority of the Panel, moral damage was configured, and the reparation was granted to the Claimant, fixing the amount of compensation at $100,000, an amount compatible with the damage suffered, characteristics of the parties involved and time lapse of embarrassment.

CONCLUSION

The Regional Labor Court of the Third Region, in an ordinary session of its Seventh Panel, held today, judged the present case and, unanimously and, on merit, by majority of votes, granted the Claimant's Appeal to grant indemnity for moral damage in the amount of $100,000”.

FERNANDO ANTNIO VIGAS PEIXOTO
Judge

Source: https://www.jusbrasil.com.br/processos/31687584/processo-n-0002217-4420145030025-do-trt-3

 
2. ORIGINAL PORTUGUESE VERSION

“DANOS MORAIS

Contudo, a d. maioria desta Turma entendeu que as provas documentais e testemunhais revelaram que o Sr. Cristiano Botelho Veloso tratava os gerentes, inclusive o autor, com intimidao e presso, se comunicando com eles de forma tempestuosa e agressiva.
O ambiente na empresa era de tenso desde que o referido senhor retornou do exterior em 2012, pois passou a exercer o que se denomina gesto por estresse e intimidao. Nesse contexto, por maioria da Turma, entendeu-se configurado o dano moral e deferiu-se a reparao ao reclamante, fixando o valor da indenizao em $100.000,00, valor compatvel com o dano sofrido, caractersticas das partes envolvidas e lapso temporal do constrangimento.

CONCLUSO

O Tribunal Regional do Trabalho da Terceira Regio, em sesso ordinria da sua Stima Turma, hoje realizada, julgou o presente processo e, unanimemente, conheceu os Recursos Ordinrios e, no mrito, por maioria de votos, deu provimento ao Recurso do Reclamante para deferir indenizao por dano moral no importe de $100.000,00”.

FERNANDO ANTNIO VIGAS PEIXOTO
Desembargador Relator

Fonte: https://www.jusbrasil.com.br/processos/31687584/processo-n-0002217-4420145030025-do-trt-3
Comment by 15Stanmore on Feb 19, 2021 8:40am
The "$100,000" quoted in the article does not make a distinction between Brazilian Reals or Canadian dollars. While the reputational impact of the courts findings for Mr. Veloso may be significant, if the award is in Reals this works out to be under $25,000 Canadian so of little financial consequence to the Company.
Comment by Sugoioi on Feb 19, 2021 3:58pm
Wonder if the guy wanted to dilute and Cristiano was having none of it.
Comment by simon2 on Feb 23, 2021 7:54pm
Hi @15Stanmore. The indenmity for moral harassment caused by Mr Veloso is BRL 100,000 but the total amount due by Verde althought unknown is definitely much higher than this. Maybe he can clarify this to shareholders. However, the main point of this legal action is misleadership. A true and successful leader focuses on people, not power. And obviously this is not his case. This is very ...more  
Comment by kanerfalk on Feb 24, 2021 4:17am
In my ears Mr. Oliveira wasn't the right man to be a financial manager in publicly traded company if he couldn't stand the stress from the top management in stressfull times. I hope Cristiano is now experienced to see these whining individuals at an early stage and get rid of them in time.
Comment by simon2 on Mar 09, 2021 6:54pm
I personally believe that sexual and moral harassment in the workplace should be taken very seriously. Hopefully the Brazilian Court stands by my side. Anyway, it looks like Verde has a track record of breaching employment laws in Brazil. While a few here see frivolous lawsuits, I see poor leadership, misconduct and unlawful practices.   RICARDO BANDEIRA (FORMER VERDE’S LEGAL MANAGER ...more  
Comment by Janota59 on Mar 10, 2021 12:33am
Simon2, Do you have any connection with Triunfo Mineracao Do Brazil Ltda? and: Could you confirm/clarify any connection Mr, no, Dr Eduardo Spolidorio has with Triunfo Mineracao do Brazil Ltda? Thanks
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