CVM unanimously rejects the Union’s Plea Agreement in Eletrobrás case

Print Friendly, PDF & Email

CVM Board has unanimously decided to reject the Plea Agreement proposed by the Federal Government, which is accused of non compliance with the Article 115 of the Corporate Law due to its participation in the General Shareholders’ Meeting that decided for the acceptance of the terms of the Provisional Measure 579 – which brought about high losses to the state-owned company.
Despite the favorable recommendation made by the Plea Agreement Commission and the Specialized Federal Attorney General’s Office – a unit of the Attorney General’s Office – CVM directors concluded that the proposal was neither convenient nor appropriate. In her guiding vote, the director Luciana Dias calls the attention to the alleged high losses and the disproportion of the proposal: the organization of a seminar with the participation of the Minister of Finance, Mr. Guido Mantega.
Click here to access the entity’s decision, the Commission’s Opinion, the vote of the Director Luciana Dias and the vote of Leonardo Pereira, CVM’s President.