Federal Government Prepares to File Action in Supreme Federal Court Against Eletrobras Privatization Bill

Written by Ruth Rodrigues

Published on 05/05/2023 at 21:53

Fonte: O Dia

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The AGU of the Federal Government Has Already Prepared the Unconstitutionality Action and Should Submit It to the STF in the Coming Days. The Aim Is to Challenge the Eletrobras Privatization Project Initiated During the Bolsonaro Administration.

For this Friday, (05/05), the Attorney General’s Office (AGU) and the Federal Government are already preparing to file an unconstitutionality action with the Supreme Federal Court (STF) against the Eletrobras privatization project. Initiated during the Bolsonaro Administration, the project has sparked discussions across the country. Now, the Lula Government is seeking to restore the Union’s majority stake in the national energy company’s participation.

Federal Government’s Action Against the Eletrobras Privatization Project During the Bolsonaro Administration Is Expected to Reach the STF in the Coming Days

The Federal Government is determined to regain control of Eletrobras and already has an action ready to contest the company’s privatization model in the Supreme Federal Court (STF).

The Attorney General’s Office (AGU) is leading the initiative to return control of the company to the Union, even without holding the majority of the voting shares.

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Privatization Model Proposed by the Federal Government Is the Main Criticism of the Federal Government Against the Project

The privatization model of Eletrobras, approved during the administration of former president Jair Bolsonaro, stipulated that the company would operate as a “corporation”.

This means that the voting rights of all shareholders or groups of shareholders would be limited to 10%, both in voting and in the appointment of board members.

This restriction was included in the law of the Eletrobras privatization project and in the capitalization rules, aiming to prevent large investors, national or foreign, from taking control of the company.

However, the current Federal Government plans to amend this clause and regain control of the company through the AGU’s action to the STF.

The idea is to impose the concept of proportionality in the company’s decisions, allowing the Union, even with a smaller stake, to regain control of Eletrobras, one of the largest companies in the electricity sector in the country.

By regaining control of Eletrobras, the Brazilian government would have more power to define the company’s strategy and make important decisions for the country’s electricity sector.

About Eletrobras

Eletrobras is a publicly traded mixed-economy company controlled by the Brazilian government that operates in the electricity sector. Founded in 1962, it is responsible for a large part of the generation, transmission, and distribution of electricity in the country, being one of the largest companies in the sector worldwide.

The future of Eletrobras and the Brazilian electricity sector is a matter of great importance for the country’s economy, affecting national industrial development. Now, the Federal Government will proceed to the STF to reverse the damages caused by the company’s privatization project.

Federal Government Prepares to File Action in Supreme Federal Court Against Eletrobras Privatization Bill

The AGU of the Federal Government Has Already Prepared the Unconstitutionality Action and Should Submit It to the STF in the Coming Days. The Aim Is to Challenge the Eletrobras Privatization Project Initiated During the Bolsonaro Administration.

Federal Government’s Action Against the Eletrobras Privatization Project During the Bolsonaro Administration Is Expected to Reach the STF in the Coming Days

Privatization Model Proposed by the Federal Government Is the Main Criticism of the Federal Government Against the Project

About Eletrobras

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Federal Government Prepares to File Action in Supreme Federal Court Against Eletrobras Privatization Bill

The AGU of the Federal Government Has Already Prepared the Unconstitutionality Action and Should Submit It to the STF in the Coming Days. The Aim Is to Challenge the Eletrobras Privatization Project Initiated During the Bolsonaro Administration.

Federal Government’s Action Against the Eletrobras Privatization Project During the Bolsonaro Administration Is Expected to Reach the STF in the Coming Days

Privatization Model Proposed by the Federal Government Is the Main Criticism of the Federal Government Against the Project

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