Those chosen by BNDES have only created problems.
At the same time, three pieces of bad news: Oi, which received more than R$ 8 billion from the bank, is fined R$ 34 million by Anatel for failing to meet its quality targets; LBR, a dairy company that received R$ 2 billion, enters judicial reorganization; the meatpacking company JBS will be investigated for failing to notify Cade of several of its acquisitions; a negative day for the reputation of the bank headed by Luciano Coutinho.
247 - The companies chosen by BNDES, headed by economist Luciano Coutinho, as symbols of a new Brazilian capitalism, have produced more headaches than laurels and dividends for the bank. This Friday, in particular, was a bad day. At once, three of the "national champions" created by the bank in recent years are in the headlines more for their flaws than for their merits.
Case number one is that of Oi, the national telecommunications giant, which received over R$ 8 billion from the bank. Today, the company was fined R$ 34 million by the National Telecommunications Agency, Anatel, for failing to meet its quality targets. The operator, led by businessmen Carlos Jereissati and Sérgio Andrade, was the target of five proceedings by the regulatory body, three from 2009 and two from 2010, and failed to meet 13 of the 16 quality indicators established by Anatel.
The second problem is that of LBR, a dairy company controlled by the GP group and the Bom Gosto company, which received another R$ 2 billion from the bank during Luciano Coutinho's management. This Friday, the company filed for judicial reorganization and changed its president. According to Reuters, "by asking its financial creditors for breathing room, the company hopes to implement the necessary transformations to increase the efficiency and sustainability of its business, preserving the jobs of 5 employees and the income generation of 20 producers and their families." With a debt of R$ 1 billion, the company has BNDES as its largest creditor.
Finally, there is also the case of the JBS meatpacking company, owned by brothers Joesley Batista, Wesley Batista, and José Batista Júnior. The company will be investigated by the Administrative Council for Economic Defense (CADE) for failing to report several acquisitions it made in recent years to the regulatory body – which caused its market share to rise from 15% to 40% without any regulatory oversight. The tactic used to avoid reporting these mergers to CADE was to lease plants from competing companies.
There is a movement in Congress to invite Luciano Coutinho to explain the bank's investment policy.