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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (15424)	5/20/1999 1:54:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

DJ Brazil Senate Postpones Testimony On Bk Tax Evasion Dow Jones Newswires BRASILIA -- Brazil's Senate committee looking into banking irregularities has re-scheduled the testimony of Internal Revenue Secretary Everardo Maciel for 1900 GMT Thursday, from 1300 GMT, a committee spokesman said. Committee president Sen. Bello Parga had to postpone Maciel's deposition as the Senate will have a deliberative session Thursday morning. An inquiry committee session cannot concur Senate deliberations. Maciel has been invited to testify on alleged tax evasion by five foreign banks. The allegation is based on a recent local media report stating that the Internal Revenue Department suspected Citibank, JP Morgan, Deutsche Bank, Credit Suisse First Boston, and Credit Commercial de France of dodging taxes. The report doesn't cite any sources. Maciel, however, expected to focus his deposition on legal loopholes that are allowing banks in general to increasingly reduce their tax burden by means of legal tax planning procedures. On Wednesday, Senators were considering a closed-door session if Maciel decided to name banks actually involved in tax evasion. Such a decision will be made when the inquiry committee session begins later Thursday. Maciel's testimony will inaugurate a second phase of Senate investigations into alleged banking wrongdoing. The first phase, ended last Thursday, focused on a shady bailout package the central bank granted two small institutions in wake of the devaluation of the real in mid-January. The committee's investigation results into the financial aid are slated for release by the end of this month. -By Adriana Arai; 55-61 321-1224 or 965-6883; aarai@ap.org