Abradin (Brazilian Association of Investors) filed a public civil action questioning the privatization of Eletrobras on Thursday (9). The entity requests urgent relief to determine the suspension of all measures to proceed with the corporate reorganization and privatization process of the company.
Among other arguments, the association alleges that independent technical studies were not contracted for the evaluation of Itaipu and Eletronuclear. Abradin argues that there was an undervaluation of the hydroelectric plant, which would be transferred for the amount of R$ 1.2 billion.
“As stated on its website, in the 2019 balance sheet Itaipu totaled a fixed and intangible asset of US$ 17.6 billion”, says the association in the lawsuit.
The public civil action is not intended to try to stop privatization, according to Aurélio Valporto, president of Abradin.
“The objective is to prevent fraud against minority shareholders, which is this donation by Itaipu and Eletronuclear to a new company, the new state-owned company created by the federal government, ENBPar. “, says Valporto.
He claims that the formula harms the credibility of the Brazilian capital market and alienates investors.
Joana Cunha with Paulo Ricardo Martins and Gilmara Santos
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