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Eletrobras Board of Directors calls the Extraordinary General Assembly to solve a legal impasse

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Eletrobras Board of Directors convened the Extraordinary General Meeting (AGE) at February 8th with the purpose of analyzing the issue of the distribution companies liquidation under the jurisdiction of Eletrobras. The legal framework derives from the impossibility of applying Law No. 8.029 / 1990, which provides for the extinction and dissolution of entities of the federal public administration.

In accordance with this law, the Federal Government would be the universal successor of the rights and obligations of Eletrobras distributors. The National Treasury would then have to assume almost R $ 20 billion of the debits to dissolve the current companies.

The matter was put on the agenda after the economic team (Finance and Planning) and the Ministry of Mines and Energy sent an interministerial office No. 906/2017 alerting for the possibility of a judicial conflict between Eletrobras and its own controller, the Federal administration if the Board of Directors of the company opts for the liquidation of the companies.

The National Bank for Economic and Social Development BNDES proposed a model for the liquidation of Eletrobras, but this model was rejected by two of the eight directors – even after the possibility of litigation between Eletrobras and Federal Administration being exhaustively debated by the representatives of the minority shareholders , Jose Pais Rangel, and the representative of the employees, Carlos Eduardo Rodrigues Pereira.

According to the BNDES model, to make possible the alienation of the control for the amount of R $ 50 thousand per distributor, Eletrobras would be obliged to make contributions of R $ 11.2 billion. If the company assumes the debts with the sector funds CCC and CDE, that debit goes up to R $ 19.6 billion.

“This is a debt that exceeds the current financial capacity of the company, for an insignificant and unconfirmed counterpart,” said counselor Padres Rangel in his vote contrary to the model proposed by the BNDES.