Brazil orders Eletrobras to return $576 mln to subsidy fund

martes 10 de mayo de 2016 15:26 GYT

SAO PAULO May 10 (Reuters) - Brazil's electricity industry watchdog ordered state-controlled power holding company Centrais Elétricas Brasileiras SA to return 2 billion reais ($576 million) to a fund financing subsidized power programs, saying the company used the money for other purposes.

At a board meeting that took place in Brasilia on Tuesday, the watchdog, Aneel, rejected a request by Eletrobras, as the company is known, to drop the case. Under terms of the decision, Eletrobras will have as many as 90 days to reimburse the amount to the so-called RGR fund. (Reporting by Luciano Costa; Writing by Marcelo Teixeira; Editing by Dan Grebler)