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BNDES: 7B reais raised from investment fund was made after bylaw changes

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BNDES: 7B reais raised from investment fund was made after bylaw changes

Banco Nacionalde Desenvolvimento Econômico e Social said it raised 7 billionBrazilian reais in 2008 from infrastructure fund FI-FGTS after changes weremade in the fund's bylaws that allowed transactions with financial institutionsand development banks, according to a statement from the bank clarifyingallegations of fund rule violations.

The July 19 statement from the bank follows an O Globo report claiming that the state-runbank allegedly raised 17 billion reais from the fund, which is linked to thecountry's employee indemnity guarantee fund FGTS, through transactions thatviolated the fund'sbylaws.

However, BNDES said that the 2008 transaction was approvedby the fund's council, which has six members from the private sector and sixtrade union representatives.

In addition, the state-run bank said a 10 billion reaisoperation from 2015 that was also questioned did not take place even though it was by the fund's council.

As of July 20, US$1was equivalent to 3.24 Brazilian reais.