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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.526+1.2%12:53 PM EST
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To: posjim who wrote (9628)11/12/1998 1:18:00 PM
From: Steve Fancy   of 22640
 
Brazil Min, Prosecutors Meet On Phone Tapping In Scandal Chgs

Dow Jones Newswires

BRASILIA -- Brazilian Communications Minister Luiz Carlos Mendonca
de Barros was appearing at the Federal Chief Prosecutor's Office
Thursday morning to address telephone tapping connected to allegations of
a financial scandal in which top government officials are indicated, justice
officials said.

As reported, a local magazine Sunday published anonymous allegations
that President Fernando Henrique Cardoso, Health Minister Jose Serra
and Sao Paulo state Governor Mario Covas have a secret $368 million
fake company account in the Cayman Islands.

The government has denied the allegations. A former Communications
minister, the late Sergio Motta, is also implicated.

The claims have diverted attention away from Cardoso's attempts to revive
the Brazilian economy and Wednesday contributed to a decline of nearly
3% in the Sao Paulo stock exchange.

Private telephone conversations made by Cardoso, Mendonca de Barros
and others apparently were illegally recorded on tapes acquired by the
National Intelligence Service and the presidential security office last week.

The author of the tapes is unknown and their contents haven't been
revealed.

Military chief-of-staff General Alberto Cardoso, who isn't related to the
president, late Wednesday said the affair appeared to be "an attempt to
blackmail top government officials" and that the whole dossier had been
handed over to the Federal Police Department and Chief Federal
Prosecutor Geraldo Brindeiro.
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