CVM expects to complete inquiry into Opportunity Fund by mid-year

The inquiry into alleged violations of Brazilian law by Cayman-based Opportunity Fund should be concluded by the end of this half, says Luiz Leonardo Cantidiano, president of CVM, Brazil?s securities and exchange regulator. The inquiry, officially docketed as Inquérito 08/2001, focuses on allegations that the fund?s shareholders included people resident in Brazil. According to Mr Cantidiano the proceedings are moving ahead slowly because of the need to obtain documents overseas, which involves a great deal of red tape. CVM rules stipulate a 90-day deadline for inquiries of this kind but extensions can be granted indefinitely, he says.
When CVM?s technical staff have completed their investigations, the board of governors will hold hearings to reach a verdict. Mr Cantidiano is a former lawyer for Opportunity Fund and actually participated in the allegedly illegal transactions, as documented by Inquiry 08/2001, so he?s expected to recuse himself from participating in the decision. Asked about this, however, he won?t say whether he considers himself disqualified. ?I don?t know if I?ll take part in the tribunal proper,? he says. ?I don?t want to say right now either way.?
An affiliate of Opportunity Fund, Highlake International Business Company Ltd., recently acquired a 49% stake owned by TIW in Telpart, the holding company for cellular carriers Telemig Celular and Amazônia Celular.

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Luiz Leonardo Cantidiano is suing Rubens Glasberg, the publisher of this newsletter, for ?moral damages? (similar to compensatory damages for mental pain and suffering in U.S. jurisprudence) allegedly due to reports and editorials in TELETIME News and TELETIME magazine. The editorials concerned pointed out Mr Cantidiano?s professional relationship with Opportunity and questioned his impartiality in proceedings such as Inquiry 08/2001, among others.

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