December 18, 2016 / 4:35 PM / 2 years ago

Brazilian telecom overhaul snagged in Senate -news magazine Veja

SAO PAULO, Dec 18 (Reuters) - A legislative overhaul of Brazil’s telecommunications industry was held up in the Senate late Friday by a motion that has blocked President Michel Temer from signing the measure, news magazine Veja reported on its website on Sunday.

The bill, which was poised to become law after passing committees in both chambers of Congress, aimed to update a concession-based model that had created uncertainty about the value of the industry’s fixed-line assets.

Carriers including Telefonica Brasil SA, Oi SA and the local unit of America Movil SAB would be able to clear up doubts about the value of their assets under the new framework in exchange for commitments to invest more in new broadband technology.

Temer’s office had planned a signing ceremony for Tuesday, but that will be delayed until the Senate takes up the matter after its legislative recess during the end-of-year holidays, Veja reported without saying how it obtained the information.

Press representatives for Temer and the Senate did not immediately respond to requests for comment. (Reporting by Brad Haynes; Editing by Jeffrey Benkoe)

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