Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.944

+0.5%

Nov 28 9:30 AM EST

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To: wl9839 who wrote (15209)	5/11/1999 11:40:00 AM
From: wl9839	Read Replies (1) of 22640

Brazil's Cardoso defends Malan against allegations NEW YORK, May 11 (Reuters) - Brazil President Fernando Enrique Cardoso on Tuesday defended Finance Minister Pedro Malan's record, saying Malan had no advance information on the insider trading allegations hat have rocked the markets. ''This has already been answered by Pedor Malan, what can I add,'' Cardoso told reporters. ''He was not implicated (in anything). He said himself he was not informed,'' Cardoso said about Malan. Questions about the finance minister's role dominated a short press conference in New York that had been scheduled to address the president's recent international tour promoting Brazil's image abroad. However, markets in Brazil have been captivated by the growing scandal involving allegations of inside information given by the central bank to two small Brazilian banks shortly before the devaluation of the real in January.

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