Opportunity Fund, one of Brasil Telecom?s controlling shareholders and a shareholder in Telemar, may have moved to a new address. The latest set of annual financial statements filed with CVM, Brazil?s securities and exchange regulator, by Brasil Telecom Participações states that Opportunity Fund is registered in the Virgin Islands. Hitherto Opportunity has always said the fund is registered in the Cayman Islands. The location is relevant because Opportunity Fund is under investigation by CVM on suspicion of having Brazilian residents among its unit shareholders. The investigation is docketed as No. 08/2001 at CVM. Moreover, Anatel must be notified of any change of address, especially if Opportunity were to set up a new fund and transfer shares in the old one.
Paulo Roberto Mendonça, foreign investment manager of CVM, issued the following statement: ?Opportunity Fund is a non-resident investor registered with CVM in accordance with CMN Resolution 2689/2000 and CVM Instruction 325/2000. It was incorporated under the laws of Cayman. We have now confirmed this information with Opportunity, which also told us that the documents filed by Brasil Telecom contain a mistake which will be rectified. To repeat, Opportunity Fund is registered in Cayman and not the Virgin Islands.?
According to CVM, the ongoing investigation (08/2001) wouldn?t be affected even if the fund had changed nationality.
Another interesting point about Opportunity?s new nationality is its appearance only in documents filed by Brasil Telecom Participações and not those of other companies. In addition, BrT?s filings have never before supplied details of Opportunity Zain, the vehicle for Opportunity Fund?s holding in the telco?s equity. Now in addition to these details there?s the information about a new address. CVC Opportunity Equity Partners LP (CVC Internacional) is mentioned as a fund in the Cayman Islands.
