Two Brazilian board members of Portugal Telecom resigned after learning of 897 million euros ($1.22 billion) of short-term investments the company made without consulting them, newspaper Valor Economico reported on Wednesday. The Portuguese company invested in debt issued by Rioforte, a firm controlled by the owners of Espirito Santo Group, which is a major shareholder in Portugal Telecom. One of the directors, Otavio Azevedo, chief executive of Brazilian industrial conglomerate Andrade Gutierrez, told the newspaper he felt “uncomfortable” learning of the investment in a press release, but he already had plans to step down from the board due to possible conflicts of interest. Andrade Gutierrez is a key shareholder in Brazil’s Oi SA, which is merging with Portugal Telecom.
Brazilian board members of Portugal Telecom quit over debt buy: paper
03
Jul
2014
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