Anatel approves CVC/Opportunity decision

14 Apr 2005

Brazilian regulator Anatel has approved Citigroup’s plans to remove the bank Opportunity from the position of controller of the CVC/Opportunity Equity Partners fund. Citigroup accused Opportunity of fraud earlier this month, claiming that the bank had failed to supply documentation relating to USD11 million in spending at CVC. The consortium controls telcos Brasil Telecom, Telemig Celular and Tele Norte Leste Celular among others.