An order signed by Jarbas Valente, Anatel?s head of private services, has prohibited voting by representatives of Globalvest on the boards of Telemig Celular Participações and Tele Norte Celular Participações. The companies were notified on Monday, July 1. The order favors Opportunity, which for months has been litigating against participation by Globalvest in board meetings. Globalvest is an organization of minority shareholders. Opportunity, an investment bank controlled by Daniel Dantas, accuses Globalvest of obtaining seats on the boards by irregularly buying shares without filing notice of the respective market transactions with CVM, Brazil?s securities and exchange watchdog. Anatel made its move shortly after publication of a material event notice on Friday, June 28, about administrative proceedings launched in January to investigate allegations of irregularities in the election of Globalvest representatives to the telcos? boards. A source linked to TIW reacted thus to the material event notice (TELETIME News, June 28): ?Publication of this notice now, five months after the investigation, was designed to strip Globalvest?s three representatives of their voting rights.?
Anatel?s order restores power in both telcos to Opportunity. Globalvest, Opportunity and TIW each have three representatives on the boards of Telemig Celular Participações and Tele Norte Celular Participações. Pension funds Previ, Petros, Telos and Funcef have two. With Globalvest unable to vote and Newtel?s shareholder agreement obliging the funds to vote with Opportunity, the bank is in undisputed control once again. Opportunity is the majority shareholder in Newtel, in which the pension funds also have significant stakes. Newtel (51%) and TIW (49%) own Telpart, the holding company for Telemig Celular Participações and Tele Norte Celular Participações. Another dispute that has been going on for a long time relates to an attempt by the pension funds to dissolve the shareholder agreement with Opportunity in Newtel.