Sure, but the fines have gone unpaid.
The private owner of the private company X has enough money to cover the fines.
Brazil is now seizing assets to try and recover the amount due.
X isn’t declaring bankruptcy. X is flaunting legal rulings and dodging fines.
If that scares away “investors” that are going to skirt or flaunt laws, rulings and legality then it seems like a decent result for Brazil.