Brazil court orders Novonor to pay $1.6 bln to Braskem - local media

A Brazilian court in Sao Paulo ordered conglomerate Novonor to pay more than 8 billion reais ($1.6 billion) to petrochemical firm Braskem on Friday, stemming from a case alleging abuse of controlling power, according to news outlet Brazil Journal.

The judge ruled in favor of the complains of two minority shareholders of Braskem BRKM3 who asked Novonor to pay the firm for some expenses and losses it blamed on Novonor, including from the conglomerate's role in corruption cases, according to the report.

Novonor, which hold a majority stake of Braskem's voting shares, or 50.1%, said in response to a request for comment that it was not aware of the decision.

Braskem, meanwhile, did not immediately respond to request for comment.

The amount to be paid by Novonor would total more than 8 billion reais when adjusted for inflation, according to the Brazil Journal report.

($1 = 5.1038 reais)