Rio de Janeiro - The largest single shareholder of Hi, the Pharol (formerly Portugal Telecom), was fined $ 1.25 million by the Securities and Exchange Commission (SEC regulator of the capital market in the United States).
The punishment was for failure to communicate the credit risk of investment in papers River Fort, company Espírito Santo Group (GES).
Amid the process of merging with the Hi, the former PT invested in junk bonds of bankrupt River Fort, which generated a shortfall of ?? 897 million in its box.
The problem came to light a few months after the increase in capital Hi, part of the merger process. The debt has led to a reconfiguration of the operation between the Brazilian and Portuguese.
The SEC said that after investigation, found several flaws in the financial statements of the Portuguese company related to 2013.
"As a result of these failures, investors PT were prevented from having a complete picture of the risks arising from the company's investments in the GES debt instruments," the US agency.
The text also states that applications in GES represented 82% of short-term investments of the Portuguese company. The company's accounting controls are classified as "insufficient".
"The credit risk is relevant information for investors and Portugal Telecom failed to ensure that the risks of their investments in the Espírito Santo Group securities are fully and accurately disclosed in its public documents," said Michele Layne, director of the regional office SEC in Los Angeles. The Portuguese company agreed to pay the fine without admitting or denying the allegations, informed the agency.
Sought, Pharol said he was satisfied with the agreement reached, as already expressed earlier by its chief executive, Luís Palha.
"Two years of research and close cooperation by the Pharol but resulted in the extinction of any other charge against the company," the company said in a statement.
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