The Minister of Foreign Affairs, , asked the Brazilian ambassador to , Fernando Meirelles Pimentel, to find ways to resolve a billion-dollar hole left to the public coffers by Posco, a Korean steel company.
The minister’s order comes at a time when the Brazilian court ordered the company to pay a debt of R$1 billion left after the construction of Companhia Siderúrgica do Pecém, in Ceará.
The company worked on the work together with , but, after construction, the Brazilian subsidiary, which had been opened in 2021 to carry out the works, filed for bankruptcy. The billion-dollar debt remained and now, suppliers and other creditors will be able to charge the Korean giant.
The concern also lies in the fact that among the creditors is the Union. Only the Attorney General’s Office of the National Treasury is entitled to receive more than R$40 million. The minister’s determination is to seek a solution through dialogue and try to avoid further judicialization of the issue.
The creditors also formed an association that has the support of the former Minister of Justice. He has worked legally and also institutionally in favor of people who need to receive the amounts.
The association asked for more commitment from the Brazilian government to close the case. The entity also wants to avoid diplomatic strain and new legal battles.
The Panel tried to hear from Posco, through its subsidiaries in Brazil, but received no response.
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