Brazil court suspends voting rights of some Oi shareholders

Thursday 8 March 2018 | 16:48 CET | News

Brazilian operator Oi announced that the court supervising its debt restructuring has suspended the voting rights of some of its shareholders who held their own general meeting in February. This follows a recommendation from the public prosecutor. 

Due to this decision, the shareholders Bratel, Societe Mondiale, Petrorio and Aurelio Valporto, among others, have their rights suspended. In addition, the members of the board of directors elected by the shareholders, Luis Maria Viana Palha da Silva, Pedro Zanartu Gubert Morais Leitao and Helio Calixto da Costa, are removed from their positions. 

The decision also ordered the current Executive Officers and CEO of Oi and the shareholders whose voting rights were suspended to voice their interest in establishing a mediation proceeding.

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