Brazil’s plan to privatize its largest utility, Eletrobras, faces more hurdles after the appointment of Wellington Moreira Franco to head Brazil’s energy ministry.
Moreira Franco, a close friend of President Michel Temer and currently under investigation for corruption, replaces Fernando Coelho Filho,w ho stepped down last week to run in the October elections. Considered a political rather than technical choice for the key Cabinet position, Franco’s nomination drew criticism even from members of Temer’s party.
“This unexpected appointment, while made with the intention of accelerating the sale of Eletrobras, may actually ...
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