Brazilian state bank Caixa Economic Federa (CEF) suspended four of its vice presidents on Tuesday (Jan. 16) after President Michel Temer called on them to step down and defend themselves from accusations of ilicit practices. CEF said it would follow the President’s determination and will not comment on details after a string of corruption investigations involving loans and investments by public pension funds.
Temer’s order follows similar demands by federal prosecutors last month, which the government initially completely ignored. On Tuesday, the Prosecutor-General’s office threatened President Michel Temer with co-responsibility should all Caixa vice presidents not be replaced by a February 26 deadline.
Four of CEF tweleve vice presidents, along with its own Chief Executive Gilberto Occhi, have been caught up in a wave of graft investigations. In August, the bank initiated an independent investigation into the corruption allegations. In December, Caixa said in a quarterly earnings statement that it had not yet received its results.