Temer appoints a deputy releasing up to 100% foreign capital in Brazilian airlines | Economy



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President Michel Temer signed Thursday (13) an interim measure allowing the injection of up to 100% of foreign capital into Brazilian airlines. The MP will be published this afternoon in an extraordinary edition of the "Official Journal of the Union".

At present, the article of the Brazilian Aeronautical Code stipulates that 80% of the capital with voting rights must be under the control of the Brazilians, which allows foreigners to dispose of a maximum of 20% of the capital of the company.

According to the chief of staff, Eliseu Padilha, from now on, as long as the company is national, no matter the origin of the capital.

"The aeronautical society must be Brazilian, at the origin of capital, which previously limited foreign capital to 20%, but we can even have 100%, for example, in telephony," said the minister in chief of the Civil House, announcing the MP edition.

As a Member of Parliament, the measure comes into force once published in the Official Journal, but will have to be confirmed later by the National Congress. The legislation provides that Parliament has up to 120 days to ratify the interim measure, otherwise the proposal expires and loses its effect.

However, the deadline is suspended during the judicial vacations of the Legislative Assembly. As the Congress goes on vacation on December 23 and will only come back in February, the 120 days will be extended.

"This [MP da participação estrangeira em empresas aéreas] solves one of the major problems of Brazilian aviation, which is the source of funding for aviation companies.We end up having the opportunity to involve capital foreign to the financing, whatever their origin ","

He stated at a press conference at the Palace of Plbadto that the content of the deputy had been discussed with the future Minister of Economy, Paulo Guedes

"Of course, we took care to talk to the Minister Paulo Guedes, and he suddenly declared that it was strictly consistent with what he felt he had to do. We are already acting in accordance with the new government, "said the minister.

Still according to the head of the Civil House, in addition to facilitating the obtaining of funding for the airlines, the interim measure will allow to open new destinations, Eliseu Padilha denied that the problem is related to the situation.

Rapporteurs asked whether the decision to publish the deputy related to the application for tax recovery of Avianca, Eliseu Padilha, denied that the problem was related to the situation.

Avianca filed on Tuesday (11) a claim for compensation of R $ 144.6 million in compensation, which had been filed in the first court of appeal. bankruptcy and judicial recovery of the Avianca between with application for judicial recovery "/>

Avianca enters with application for recovery.

In the application for judicial reorganization, the airline indicated that the operations were threatened by a possible resumption of aircraft by creditors.

On the night of the same day the application was filed, Judge Tiago Henriques Papaterra Limongi granted provisional protection to the reinstatement in possession of 14 aircraft in total.

"No [tem relação com a Avianca] because if you badyze, the National Congress has for years presented projects in this area.Michael President feared to consolidate this theme," said Padilha.

Avianca could benefit from this process, "he added.

Lack of agreement in the House

A proposal was already pending in the Chamber of Deputies, which aimed at increasing the participation of foreign capital by right: voting in airlines

In March, MEPs approved an emergency regime for the text, which in practice made it possible to shorten thus allowing the direct voting of the bill in plenary session, without a vote in committee, but the proposal remained in the line of the votes for lack of agreement between the party leaders

With the revocation of the limits of the capital Foreign participation by foreign investors may reach 100%, provided that the companies are represented in Brazil.

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