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Court orders Brazilian state to reimburse missed payments to Banco Pan

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Court orders Brazilian state to reimburse missed payments to Banco Pan

Banco Pan SA has obtained a court injunction ordering the Brazilian state of Tocantins to pay the bank 20 million Brazilian reais within five days after the state's government failed to transfer payroll loan installments to the bank, Valor Econômico reported.

The judge who issued the ruling said civil servants have also initiated legal proceedings against Tocantins after being denied loans by the bank over the state's failure to make payments.

According to the report, the state's government will appeal the injunction.

As of Dec. 5, US$1 was equivalent to 3.23 Brazilian reais.