Nelson Tanure quits Pharol board

 In News

Brazilian entrepreneur Nelson Tanure has quit his position as non-executive board member of telecoms company Pharol.

The news issued by the company via the securities commission CMVM on Tuesday comes eight days before the board will hold an extraordinary board assembly meeting at which two proposals will be voted on — one to do with Real Vida Seguros (RVS) to reduce the minimum and maximum number of directors, currently from nine to 11, and from three to seven; the other to remove three directors including Nelson Tanure.
Pharol is a holding company specialising in holding shares in companies that operate in the telecommunications sector. It is listed on the Lisbon stock market on the PSI-20. Founded in 1994, it resulted from the division of the Portugal Telecom Group (today Altice Portugal) — a company that held assets such as MEO and PT SGPS, a financial holding now Pharol.
RVS – an insurance company — is controlled by Patris Investments holds 4.2% of Pharol. With over €500 million under management, the Patris Group is one of the largest independent asset and investment management companies in Portugal focused on the insurance industry and the only company of its specialisation listed on the Lisbon stock market.
Nelson Tanure who joined the board officially in 2017 was a key player in the legal recovery process in Brazil of the telecommunications company Oi of which Pharol was the main shareholder.
The former holding of Portugal Telecom currently as a 4.94% share in Brazil’s largest telecoms company through a subsidiary called Bratel.
CMVM estimated that Tanure controlled directly and indirectly around 18% of Pharol despite the statues stating that the limit was 10%. A statement which spoke of a “lack of transparency concerning a clouded share” led the supervisor to remove the voting rights of the three entities involved in August.