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Sources claim that Brazil has nominated former energy ministers to the board of Eletrobras

Sources familiar with the matter confirmed that the Brazilian government had nominated the former Mines and Energy Ministers Silas Rondeau and Nelson Hubner as well as Mauricio tolmasquim as candidates for the board of Eletrobras.

According to one source, former Finance Minister Guido Mantega has been nominated as a member of Eletrobras' fiscal council.

Eletrobras didn't immediately respond to an inquiry for comment.

Eletrobras announced Wednesday that it and Brazil's Government had reached an agreement on a legal dispute regarding

government voting power

In the firm.

The government will nominate three board members of Eletrobras under the new agreement. However, this deal still needs shareholder approval. Brazil currently does not have a seat on the board. The company was privatized in 2020.

Hubner and Rondeau were Mines and Energy Ministers in the previous government of President Luiz-Inacio Lula da Sa Silva. Tolmasquim has also held positions within the ministry and is currently a director with oil company Petrobras. Reporting by Leticia fucuchima from Sao Paulo, and Rodrigo Viga Gaier from Rio de Janeiro. Writing by Andre Romani. Editing by Aida Pelaez-Fernandez.

(source: Reuters)