Elektro- Brazilian Press ,
 FYI


Brazil: Elektro must revise balance sheets
Valor Economico, 12 Nov 2001, p. b-7:-
 The Brazilian electricity supply company Elektro must change and publish again its balance sheets of 2000 and of the first two quarters of 2001 according to a decision from the Brazilian Securities Commission (CVM) and with the changes the losses registered by the company in those periods will increase.
CVM is against two procedures used by Elektro which were based on future profit expectations in a term between 10 and 20 years since it is too risky to make estimations for such a long term. The procedures are related to the accounting of social contributions and income tax credits.
Elektro is controlled by the US company Enron.
richard.shapiro@enron.com, pr <.palmer@enron.com>