If the Government allows Eletronet to go bankrupt it could be sued by creditors for illicit enrichment. Having taken delivery of a network built by third parties, the Government cannot claim that AES is responsible for the debt, they argue. Lawyers consulted by Teletime News say the Government?s presence in Eletronet is clearly evidenced by the fact that Lightpar took over management in September 2002, with a veto on the board of directors. In addition, its OPGW cables and other assets will revert to the state-owned utilities in the event of bankruptcy because the cables are essential to operation of the power grid. Thus any litigation will be based on proving that the Government must acknowledge responsibility for Eletronet?s debts, which amount to some 500 million Brazilian Reals.
The Government?s defense will be that the power utilities will pay compensation to Eletronet and that it will therefore not be guilty of illicit enrichment. There will be a dispute about the value of this infrastructure, of course. Some people in the Government claim the network was overinvoiced. Suppliers say it was sold cheap at the current exchange rate.
Infrastructure
