June 27, 2018 / 3:12 PM / 10 months ago

Brazil Supreme Court justice rules Congress must approve all privatizations

BRASILIA, June 27 (Reuters) - Brazil’s Supreme Court Justice Ricardo Lewandowski ruled on Wednesday that the sale of shares of state-controlled companies, including subsidiaries, must be approved by the nation’s Congress, according to a court document seen by Reuters.

The ruling could significantly impact the asset programs of massive companies like state-led oil company Petroleo Brasileiro SA and power holding company Centrais Eletricas Brasileiras SA. It was not immediately clear if the decision by Lewandowski would eventually be brought before the full court. (Reporting by Ricardo Brito Writing by Tatiana Bautzer and Brad Brooks)

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