Police raid Brazil power company Cemig in corruption probe
12 Apr 2019

Brazilian police raided the headquarters of the state-controlled power company Companhia Energetica de Minas Gerais, known as Cemig, on Thursday, according to a police statement.

The police said they were investigating the alleged embezzlement of 40 million reais ($10.5 million) out of Cemig in a corruption scheme that involved two subsidiaries, Renova Energia SA and Casa dos Ventos.

The country’s internal revenue service told journalists the case involved a complex money laundering scheme. Shares in Cemig were down 2.6 percent, at 14.27 reais, in late morning trading.

Prosecutors alleged that the scheme benefited five to six people, among them executives of Cemig and construction conglomerate Andrade Gutierrez, but they have not found any politicians involved.

By Luciano Costa, Reuters, 11 April 2019

Read more at Reuters

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