July 3, 2014 / 4:26 PM / in 3 years

Portugal Telecom working to resolve questions over investment

LISBON, July 3 (Reuters) - Portugal Telecom said on Thursday it is “completely focused” on resolving questions by its partner, Brazil’s Oi, over an investment of 897 million euros PT made in holding company Rioforte.

“Portugal Telecom is providing all support to Oi regarding the necessary actions to ensure to Oi the maximum protection of the treasury application in Rioforte’s commercial paper,” Portugal Telecom said in a statement.

Oi said early Thursday it had not been informed by PT of the investment. Oi and PT are in the process of combining assets.

Rioforte is a holding company of Portugal’s Espirito Santo banking family, which has come under scrutiny recently due to financial irregularities at another holding company which owns Rioforte.

“PT strongly believes that the various parties, PT, Oi and GES (Espirito Santo Group), will be able to find the adequate solutions to protect the interests of both PT and Oi shareholders,” it said. (Reporting By Axel Bugge, editing by Andrei Khalip)

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