Brazil regulator rejects Telefonica fine-for-investment swap [Reuters]
Telefonica SA (TEF)
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Source: Reuters
Brazil regulator rejects Telefonica fine-for-investment swap | Reuters Reuters Staff 1 Min Read BRASILIA, April 25 (Reuters) - The board of Brazilian telecoms regulator Anatel on Wednesday voted against a proposal by Telefonica Brasil SA to swap 3 billion reais ($861.08 million) in regulatory fines for new investments. The Anatel board rejected the fine-for-investment swap by a 3-2 vote, said Juarez Quadros, the head of the regulator. The company has been hit with various fines stretching back several years. Telefonica’s press office declined to comment on the decision. Telefonica, Brazil’s largest telecommunications company, can make a final appeal back to the board to reconsider its decision. If Anatel’s board again rejects it, the firm can appeal to a federal court. $1 = 3.4840 reaisReporting by Leonardo GoyWriting by Brad Brooks; Editing by Diane Craft All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. Š 2018 Reuters. All Righ
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