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Petrobras board nominee declines position amid insider trading charge

State-controlled Petróleo Brasileiro SA - Petrobras said Jan. 16 that John Milne Albuquerque Forman has declined a position to serve on the company's board of directors.

Petrobras said Forman declined the nomination "in order to avoid any discomfort or problem for the company, considering the news reported by the media since his appointment regarding a conviction in a CVM proceeding, which is currently under discussion in the judiciary."

In 2016, Forman was fined by CVM, the Securities and Exchange Commission of Brazil, for insider trading.

The Brazilian oil major announced Forman's nomination to the board Jan. 14. Eduardo Bacellar Leal Ferreira and João Cox were also nominated.

With Brazil's new president Jair Bolsonaro taking office Jan. 1, the Petrobras board earlier this month dismissed Chief Exploration and Production Officer Solange da Silva Guedes and Chief Technology and Production Development Executive Officer Hugo Repsold Jr.

Petrobras' new CEO Roberto Castello Branco was sworn in Jan. 3.