Brazilian energy company under investigation for corruption and money laundering

Companhia Energética de Minas Gerais (“CEMIG”), a Brazilian power company, reported in a securities filing that on April 11, 2019, the Brazilian Federal Police had executed a search warrant at its subsidiary Renova Energia S.A. as part of Operation Gone With the Wind (“E o Vento Levou”), itself a part of the broader, high profile Carwash (“Lava Jato”) bribery investigation.  In its filing, the company noted that it is conducting an internal investigation, the first phase of which has been completed and did not uncover evidence supporting a violation.  However, the investigation did identify deficiencies in the subsidiary’s internal controls related to the documentation of certain payments and the archiving of support documentation for third-party services.

Form 20-F

You are currently offline.