Eletrobras reported on Monday night (5th) that it received a summons for payment of BRL 6.8 billion in a lawsuit filed by Eagle Equity Funds LLC related to bearer obligations for compulsory loans.
The electric company said that the action is “unfounded” and that it will adopt all appropriate measures for its defense.
The compulsory loan was a mechanism created by the Brazilian government in the 1960s to fund investments by the former state-owned company in the electricity sector and charged to industrial consumers, who today contest and seek reimbursement in court.
Currently, Eletrobras has approximately R$ 26 billion in provisions in its balance sheet referring to lawsuits on compulsory deposits.
Bearer bonds were issued by Eletrobras at the time to settle the compulsory loan, paid on electricity consumption bills.
In a statement, Eletrobras said that it has “solid grounds” to consider the action “unfounded” and that it does not owe such amounts to Eagle Equity Funds.
According to Eletrobras, an understanding signed by the Supreme Court of Justice pacified the issue of bearer obligations, defining, mainly, the deadline for payment.
“The company notes that the action is not the first demand filed by the same investment fund, within the scope of the compulsory loan on electricity. Previously proposed monitoring action resulted in an unfavorable sentence, in addition to a class action filed in the jurisdiction of New York, referring to the same issue, which was closed”.
Source: CNN Brasil
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