Nunes Marques asks for information to analyze Lula’s action against points of privatization of Eletrobras

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Minister asked Congress, PGR and AGU for data. Action signed by Lula questions, among others, the point that reduced the Union’s voting power after the privatization of the company. Nunes Marques Nelson Jr./SCO/STF The Minister of the Federal Supreme Court (STF) Nunes Marques requested information this Wednesday (17) from the National Congress, the Attorney General’s Office and the Attorney General’s Office on the action of the government against parts of the Eletrobras privatization law. Nunes Marques is the rapporteur for the AGU action that questions these points, including the passage that reduced the Union’s voting power in the company’s decisions. The minister also adopted the so-called abbreviated rite, when the action is taken for judgment directly in the plenary of the STF. There is still no deadline for this analysis. In the dispatch, the minister points out that, after receiving the data from the authorities, he will be able to analyze the requests for precautionary measures (provisional decisions) made by the government in the action. The government called the STF at the beginning of the month with an action that was signed by President Luiz Inácio Lula da Silva. “In view of the relevance of the matter and its impact on the social order and legal security, it is necessary to adopt the abbreviated procedure of article 12 of Law n. 9.868/1999 and provide for the manifestation of the authorities involved, aiming at the definitive judgment of the controversy, without prejudice to, at any time, appraising the precautionary request, considering the risk and urgency pointed out in the complaint AGU goes to the Supreme Court to bar points of privatization of Eletrobras Privatization and government action Congress in 2021 and completed at the Stock Exchange in June 2022. The government wants to discuss the parts of the Eletrobras privatization law that deal with the voting power of shareholders. The government understands that the law has irregularly reduced the weight of votes to which would be entitled. The Public Power has 42.61% of Eletrobras’ common shares. But, due to the Eletrobras privatization law, the proportion of government votes was limited to 10%. This is because the privatization transformed Eletrobras into a “corporation” , a private equity company with no controlling shareholder. Therefore, no shareholder has a voting power greater than 10%, even with a greater number of common shares. The mechanism was included in the privatization law to prevent a private group, for example, from taking control of the company. Eletrobras privatization model is criminal as it takes decision-making power away from the government, says minister The same model was adopted in the privatization of Embraer. “The public power owns almost 43% of the common shares, but can only exercise votes up to the limit of ten percent of the number of shares in the company’s voting capital. We are confident that the Court will return to the Union the prerogative to fully exercise its political rights in this giant of the national electricity sector”, wrote the attorney general of the Union, Jorge Messias, on Twitter, when the action was filed. In the action, the AGU states that the objective is not to ask for the renationalization of Eletrobras, as this is a topic that, “certainly, should be discussed by the National Congress, including in the light of the jurisprudence of that Court”. Lula had already said, in February, that the government would contest aspects of privatization. “It was almost like a banditry so that the government does not acquire a majority in Eletrobras again. We, including, possibly the attorney general of the Union, will go to court so that we can review this leonine contract against the government”, he said. the president at the time.

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