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Brazilian watchdog near approval of Oi board changes -minister
December 12, 2016 / 3:09 PM / a year ago

Brazilian watchdog near approval of Oi board changes -minister

SAO PAULO, Dec 12 (Reuters) - Brazilian telecommunications industry watchdog Anatel is slated to decide on changes to the structure of carrier Oi SA’s board in coming days, a senior government official said on Monday.

Speaking on the sidelines of an event in Rio de Janeiro, Communications Minister Gilberto Kassab told reporters that, once the changes are approved, the watchdog will keep an observer at the board of Oi, which is currently under bankruptcy protection proceedings. He did not elaborate on those changes.

On Nov. 8, Anatel suspended two board members appointed by minority investor FIA Société Mondiale, on suspicion they participated in meetings and influenced decisions affecting the carrier without the watchdog’s permission.

Oi’s 65.4 billion-real ($19 billion) bankruptcy protection case, Brazil’s biggest ever, has been complicated by rifts between different groups of creditors and shareholders.

Oi’s preferred shares, its most widely traded class of stock, rose 6.2 percent to 2.56 reais in early afternoon trading in Sao Paulo. They have risen 31 percent so far this year. (Reporting by Rodrigo Viga Gaier; Writing by Tatiana Bautzer; Editing by Guillermo Parra-Bernal and Paul Simao)

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