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TCU suspects Eletrobras sale and asks for investor relations

The Minister of the Federal Audit Court (TCU) Vital do Rego Filho sent Eletrobras a document this Wednesday (23) CNN had access, asking for various information to investigate complaints that reached the court that there are illegalities in the sale of the state-owned company, one of the priorities of the government’s economic agenda for this year. One of the suspicions is that there was a leak of information that led to a movement of buying and selling the company’s shares.

For this reason, the first request made by the minister to the TCU is for “complete and detailed information on the acquisition and disposal of relevant shareholdings and on negotiations between controllers and shareholders in the last twelve months”. The idea with this request is to identify these movements, associate them with the chronology of the state-owned company’s sale process and, above all, identify whether anyone made money from the business via the stock market.

In this sense, in the second request, the TCU requests “the composition of the company’s capital stock containing the shareholding position of 9/30/2021 and the most recent, detailed by shareholders (common, preferred A and preferred B), number of shares, value (R$), as well as the share (%) in the capital by type/class and the total.”

The TCU also asks for data on court decisions condemning the state-owned company to receive or pay amounts, as well as the entire collection of funds received from the sale of distributors, the sale of shares in affiliated companies, the rationalization of shares in the so-called Special Purpose Societies. (SPEs) and also on the capitalization associated with the transfer of activities to Empresa Brasileira de Participações em Energia Nuclear e Binacional SA, a company created by President Jair Bolsonaro to take over the shares of Eletronuclear.

The questions point out that at least part of the TCU intends to impose obstacles to privatization, either as a result of possible irregularities raised, or because of the delay that this new phase of the process must suffer in court.

In the first phase of the process, the TCU approved the value of the state-owned company, estimated at R$ 67 billion. In this second phase, the value of its shares is discussed, among other points. The government is able to proceed with privatization without the approval of the court, but the endorsement of the TCU is important to avoid future questioning in the courts regarding the process.

When contacted, Eletrobras and the Ministry of Economy did not comment.

Source: CNN Brasil

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