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A Brazilian court has overturned a lower court’s decision to suspend Sergio Machado Rezende from Petrobras (NYSE:PBR), Reuters reported Monday evening.
Rezende was suspended from the board by a São Paulo court last week for “alleged non-compliance comply with the statutory requirements in the appointment.”
The same court also suspended Petrobras (PBR) president Pietro Sampaio Mendes from his post due to a conflict of interest regarding his previous position in the Ministry of Energy, which the court said could influence his decisions at the company .