08:00 AM EDT, 04/12/2024 (MT Newswires) -- Petrobras' (PBR) Chairman Pietro Sampaio Mendes has been suspended by a Brazilian judge over an alleged conflict of interest concerning his position in the Ministry of Energy, Reuters reported Thursday, citing court documents.

Under the ruling, which also alleged other non-compliance issues, wage and salary payments to Mendes will be halted, according to the report.

Petrobras said in a statement it would appeal to "defend the integrity of its internal governance procedures" and that it would disclose any relevant developments to the market, Reuters said.

Reuters also cited a company source as saying that two other board members could also be removed over conflicts of interest.

Representatives for Petrobras did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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