Portugal’s Prosecutor General has conducted searches at Portugal Telecom SGPS, Brazilian telco Oi’s largest shareholder, as part of an investigation into the company’s investments over suspected fraud.
In a short statement, the prosecutor’s…
Portugal’s Prosecutor General has conducted searches at Portugal Telecom SGPS, Brazilian telco Oi’s largest shareholder, as part of an investigation into the company’s investments over suspected fraud.
In a short statement, the prosecutor’s office said market regulator CMVM, the judicial police and tax authorities are helping with the investigation.
Oi, which last year inherited Portuguese telecoms assets following its merger with PT Portugal, is currently awaiting shareholders’ approval to sell the Portuguese incumbent to Altice for €7.4bn.
In early September, Oi and PT SGPS revised the terms of their combination, following Rioforte Investments’ default on a €847m debt payment to the Portuguese operator. Oi claimed it was unaware of the investment, forcing PT SGPS to reduce its stake in the combined entity from 37.4% to 25.6%.
PT SGPS was not immediately available for comment.
