SAO PAULO, July 8 Brazil's state development
bank BNDES said on Tuesday that Portugal Telecom SGPS
SA's bond deal with investment company Rioforte is
"inconsistent with minimum standards of good corporate
BNDES said in a statement it requested detailed information
on the Rioforte deal, adding that it will seek to protect the
interests of Grupo Oi SA's shareholders. Oi claimed
last week that Portugal Telecom did not disclose an investment
in Rioforte, which is held by a key shareholder under
investigation in Luxembourg.
Oi and Portugal Telecom are currently in the process of
merging their businesses.
BNDES reiterated its support for Oi's current management.
(Reporting by Guillermo Parra-Bernal and Brad Haynes; Editing
by Jeffrey Benkoe)