Brazil's telecommunications watchdog Anatel has temporarily suspended two Oi SA board members appointed by minority investor FIA Société Mondiale, on suspicion of participating in meetings and influencing decisions affecting the carrier without the agency's permission. Anatel will uphold the suspension of both board members until officials decide whether Société Mondiale requires prior regulatory consent to join the controlling bloc of Oi, Carlos Baigorri, the watchdog's head of competition, told reporters on Tuesday in Brasilia.

The Brazilian government is not considering an intervention in debt-laden carrier Oi SA at this point, on hopes creditors and shareholders can reach a negotiated solution involving no state bailout, Communications Minister Gilberto Kassab said on Monday, Reuters reported. Officials are currently working on providing Oi the necessary support to emerge stronger from bankruptcy protection, Kassab said at an event in Brasilia. The government is all for Oi to negotiate a "market-based solution" that helps it emerge stronger from creditor protection, he said.

The Brazilian government collected 50.9 billion reais ($15.8 billion) in taxes and fines under an amnesty program offered to individuals and corporations with undeclared but legitimate funds parked overseas, the Finance Ministry said on Tuesday. By the program’s Monday deadline, 25,114 individuals and firms agreed to pay a 15% income tax and a fine equal to taxes paid, lower than they would have paid without the program, in exchange for immunity from potential prosecution for tax evasion and other charges, the ministry said.

Óleo e Gás Participações SA , the oil firm founded by Brazilian tycoon Eike Batista now operating under bankruptcy court supervision, has proposed a debt-for-equity swap after a slump in oil prices compromised its financial health. In a Friday securities filing, the company said it proposed the plan to lenders owed 1.85 billion reais ($5a79 million) in debt, including a loan provided to help the firm emerge from bankruptcy, called a debtor-in-possession (DIP) facility.

Óleo e Gás Participações SA , the oil firm founded by Brazilian tycoon Eike Batista now operating under bankruptcy court supervision, has proposed a debt-for-equity swap after a slump in oil prices compromised its financial health. In a Friday securities filing, the company said it proposed the plan to lenders owed 1.85 billion reais ($5a79 million) in debt, including a loan provided to help the firm emerge from bankruptcy, called a debtor-in-possession (DIP) facility.

Oi SA's decision to request protection from creditors in June accelerated discussions between Brazil's government and phone carriers to revamp telecommunications licensing regulations, said Igor Freitas, a board member at industry watchdog Anatel. Brazil's new centre-right government is pushing through Congress an authorization-based model for the telecoms industry, which will allow companies to own the assets after making infrastructure investments. Under the existing framework, fixed-line assets are returned to the state after the concession expires.

An activist minority shareholder in Oi SA urged the Brazilian phone carrier's board to revamp a bankruptcy protection plan presented last month, in a bid to neutralize growing pressure from large creditors like bondholders and banks. In a letter sent to Chairman José Mauro Carneiro da Cunha dated Oct. 14, shareholder Nelson Tanure said Oi's in-court restructuring needed to be designed in a way that favors the survival of the company and not creditors. He urged stricter cost-cutting efforts and a stance toward austerity. Reuters viewed the letter.

The head of Brazil's telecom watchdog Anatel said on Monday it was not the government's goal to intervene in Oi SA but that it must "be prepared" to do so should the country's largest fixed-line carrier fail to resolve its debt problems during bankruptcy proceedings, Reuters reported. Anatel plans to let Oi's reorganization run its course before deciding on any possible action, Juarez Quadros said in an interview on the sidelines of a telecoms event in Sao Paulo. The proceedings began on June 20.

A judge ruled that Brazil’s former President Luiz Inácio Lula da Silva must stand trial for allegedly using his influence to obtain government loans for a construction company seeking contracts in Angola, the prosecutors’ office said Thursday, The Wall Street Journal reported. Judge Vallisney de Souza Oliveira accepted charges filed Monday by prosecutors in Brasília accusing Mr. da Silva of corruption, money laundering, influence peddling and conspiracy. If found guilty, Mr. da Silva, who led Brazil from 2003 to 2010, could face up to 35 years in prison. Mr.

Brazil’s federal prosecutors on Monday filed new corruption charges against former President Luiz Inácio Lula da Silva, this time for allegedly using his influence to obtain government loans for a Brazilian construction company in exchange for kickbacks paid to his nephew, prosecutors said. Mr. da Silva was charged with corruption, money laundering, influence peddling and conspiracy. If found guilty of the charges, Mr. da Silva, who led Brazil from 2003 to 2010, could face up to 35 years in prison. A judge in Brasília would have to accept the charges for Mr. da Silva to face trial.