By Brazil Stock Guide – Ambipar Participações S.A. (B3: AMBP3), currently under court-supervised reorganization, informed B3 that it dismissed 35 directors and managers after identifying “serious failures” in governance and risk-management practices. The disclosure was made in a formal response to the exchange, which had requested clarification on the effectiveness of the company’s oversight structures following a Valor Econômico report detailing the executive departures.
B3’s inquiry intensified after the newspaper reported that Ambipar had removed senior executives shortly before filing for emergency judicial protection. In the filing, the company acknowledged that the internal-controls unit had been under the responsibility of former CFO João Daniel Piran de Arruda, and that the structure “was dismantled” once the deficiencies were confirmed.
Internally, Arruda has been blamed for contracting a foreign-exchange hedge mechanism with Deutsche Bank that weakened Ambipar’s liquidity and contributed to the restructuring request — a characterization he disputes.
Ambipar said it is carrying out a broad overhaul of its governance model, with phased adjustments expected to conclude by February 2026. The new organizational chart sent to B3 is described as “illustrative and non-exhaustive,” reflecting changes that remain subject to approval by the company’s governing bodies.
The company added that it periodically maps its risk factors and maintains a formal risk-management policy revised in 2020, 2023 and 2024. In its communication to the exchange, Ambipar emphasized that it remains in full compliance with Novo Mercado rules, the highest corporate-governance tier of B3.