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Financial News: ELETROPAULO: Board Member Criticizes Negotiations Involvin

ELETROPAULO: Board Member Criticizes Negotiations Involving Eletrobras

12/26/2017 - 18:41:00 (RTTNews)

(RTTNews) - An Eletropaulo board member criticized the negotiations involving the São Paulo state's concessionaire and the Brazilian state-owned Eletrobras during a board meeting. According to him, there was no progress made compared to December 14, and he sees no prospect that this will progress satisfactorily until December 31.

"I am against the evolution that any negotiation with Eletrobras," said the board member, accortding to the minutes of the meeting. "As far as the novelty of the present value is concerned, I do not agree that reductions should be made according to the convenience of the administration. Since 2012, the legal vice-presidency has argued that this case should be classified as remote since opinions are favorable to us."

The board member also said that he commented on the audit committee and reaffirmed to the board that he does not agree with values that exceed R$ 1 billion.

"There is strong speculation that this negotiation would enable the exit of the AES group from Eletropaulo's share capital, and this board member can not run the risk of convalidating an operation that is not exclusively in the best interest of the company, which has hitherto meant: pay up to R$ 1 billion to Eletrobras, corresponding to one third of the total amount of debt, and to seek reimbursement of at least R$ 1 billion from CTEEP, the final recipient of the money borrowed years ago and motivator of the litigation."

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