Brazil: Stock exchange fined $641 million on past merger

Brazil’s BM&F Bovespa, the operator of Latin America’s biggest securities exchange has been fined $641 million by the federal revenue service for booking goodwill amortisation in 2010 and 2011 related to a 2008 merger, according to a Thursday filing.

The revenue service is questioning accounting relating to the 2008 merger of the Bovespa and BM&F exchanges. It had already fined the exchange for allegedly incorrectly reducing its tax payments with goodwill amortizations in 2008 and 2009.

BM&FBovespa also announced last week that they had bought a stake in Chile’s Bolsa de Comercio de Santiago as part of an plan to expand business in the region.

Full content: Reuters

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