Sept 14 Pharol Sgps SA CEO Luis Palha
da Silva says:
* Welcomes a relatively small fine of $1.3 million applied
by the U.S. Securities and Exchange Commission (SEC) over
investments by the company, formerly Portugal Telecom, in debt
instruments of the now bankrupt Portuguese conglomerate Grupo
* "Pharol welcomes the decision and the agreement reached
with SEC that puts an end to the process started by SEC and ends
innumerous uncertainties and potential legal consequences for
the company in the U.S. jurisdiction," the CEO tells Reuters.
* "Although the sum can be considered small... it still is a
burden for Pharol, which will do everything to get reimbursement
from those responsible."
* Portugal Telecom had put 900 million euros in Espirito
Santo debt instruments, on which the latter defaulted in 2014.
* The company has sued its former top executives for the
ruinous investment. Pharol now has no operating assets and
merely owns a 27 percent stake in Brazil's ailing telecom firm
Oi, which has sought bankruptcy protection.
* Source text for Eikon:
Further company coverage:
(Reporting by Andrei Khalip, editing by Axel Bugge)