Government moving to curb influence of Opportunity

?It?s really about time for a solution to the Cantidiano affair?, a top-ranking government official has told TELETIME News. Luiz Leonardo Cantidiano, a former attorney for Opportunity, is president of CVM, Brazil?s securities and exchange watchdog. His resignation is ?necessary and desirable?, according to the source, to curb the influence of Opportunity in the public sphere.
The same official says Daniel Dantas, controlling shareholder of Opportunity, has met three times with Presidential Chief of Staff José Dirceu to clarify his position in disputes with the big pension funds, which no longer want to be passive investors in the funds managed by Opportunity and in several cases have demanded its replacement as manager. The Government is involved partly because the pension funds are run by state-owned enterprises such as Banco do Brasil and Petrobras.
Mr Dantas argues that the pension funds have nothing to complain about because the return on their investment in Opportunity?s funds is satisfactory, says the official. They have no grounds on which to demand an active say in the management of companies controlled by Opportunity, argues Mr Dantas, who (according to this source) also told Mr Dirceu that his agreement with the funds is private and not subject to government interference, whichever party is in power.

José Dirceu, the official said, assured Mr Dantas that the Government has no intention of deliberately harming Opportunity but will seek to help the pension funds defend their interests with all the legal instruments at its disposal. The effort to curb Mr Dantas?s alleged influence over public-sector bodies such as CVM is part of this strategy, the official said.