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Friday 21st of November 2008
June 15, 2005

Brazil corruption enquiry hits equity exchange


by Brian Turner
Brazil corruption enquiry hits equity exchange

In early trade on Wednesday the São Paulo equities exchange in Brazil fell by at least three percent on renewed concern over a corruption scandal involving the ruling Worker’s party (PT).

There had been signs earlier in the week that the scandal was receding when a key witness was only able to provide circumstantial evidence that the PT had bribed some legislators.

However, fresh evidence brought forth Wednesday seemed to conform the information that had been testified to by Roberto Jefferson, head of the PTB party, a left-of-center member of the ruling coalition, when a former secretary to a PT aide said in an interview that she had seen repeated delivers of cash to government officials.

Economic analysts are now convinced that the crisis over the charges will continue for some time, especially as claim and counter-claim during the congressional hearings on the matter make the controversy seem to be tied as much to the upcoming general election in October as to an inquiry into corruption.

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