Intervention in Previ weakens pension funds in battle with Opportunity

Sources linked to pension funds Previ, Telos and Petros say the Federal Government?s intervention in Previ will weaken them seriously in legal disputes with Opportunity and when faced with the investment bank?s representatives at meetings of shareholders in Telemig Celular, Amazônia Celular and Brasil Telecom. Previ has by far the largest telco equity holdings among pension funds and until now has furnished most of the strategic support as well as the finances for the battle with Opportunity. Henrique Pizzolato, Previ?s ex-director of social security, notes that summary dismissal of the fund?s executive committee and prosecutors removes the arsenal with which it has hitherto gone into meetings of shareholders in the holding companies that control the telcos. Another source says it won?t be easy to respond to any additional offensives by Opportunity in the legal sphere until the the intervention is lifted. In principle, the Government says, the intervention will last 60 days.

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