Telefonica Brasil Receives Regulator's Approval to Exchange Investments for Fines
October 28 2016 - 6:36AM
Dow Jones News
By Rogerio Jelmayer
SAO PAULO--Brazil's government telecommunications regulator,
Anatel, said it would allow Telefonica Brasil SA (VIVT4.BR) to
exchange certain unpaid regulatory fines for pledged network
investments over the next four years.
The telecommunications company, which is controlled by Spain's
Telefonica SA (TEF.MC), has accumulated around 2 billion reais
($634 million) in unpaid fines levied by Anatel for the company's
failure to meet certain regulatory obligations in past years.
Telefonica has agreed that instead of paying those fines it will
invest a total of BRL4.87 billion in improvements to its broadband
and fixed-line phone networks over the next four years, according
to the regulator.
The arrangement requires the approval of Brazil's Federal Court
of Accounts.
The company's press officials couldn't be immediately reached
for comment.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
October 28, 2016 06:21 ET (10:21 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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