Brazil's Eletrobras asks for more time to file 20-F form
SAO PAULO Oct 27 (Reuters) - Brazil's state-run electric utility Eletrobras said on Tuesday it had asked for more time to file its annual 2014 20-F form to U.S. regulators as its lawyers probe for potential corruption losses.
Centrais Eletricas Brasileiras SA, as Eletrobras is formally known, said it would not be able to file the form by Nov. 18 because the independent investigation was not finished. If granted, this would be Eletrobras' third extension on the form, which was due on April 30.
The commission hired by Eletrobras is studying three Amazonian dam projects and a nuclear power plant, two sources familiar with the investigation told Reuters recently. It is looking at everything from how construction contracts on the projects were awarded to heavy cost overruns.
The commission aims to complete its review this year and may recommend a write-off, one of the sources said.
Eletrobras hired U.S.-based law firm Hogan Lovells in June to assess possible graft involving Eletrobras and private construction firms and later appointed Brazilian firms WFaria Advogados and R. Amaral to evaluate any violations of Brazilian law, as well as three independent commissioners. (Reporting by Caroline Stauffer; Editing by Dan Grebler)
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