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Cisco fined R$3.3 billion BRL and has its assets and bank accounts blocked by court order in Brazil
Tue, 10/12/10 - 5:02pm    View comments

Last May, I blogged that according to Cisco, its financial exposure to its Brazilian tax scandal was growing at the rate of $1.185 million per day having reached $1.875 billion as of May 1, 2010.

Today, Folha de S.Paulo (Brazil's largest circulation newspaper), reported that a Brazilian Court order has blocked Cisco's Brazilian assets and bank accounts and that Cisco has also been fined R$3.3 billion BRL.

View the Portuguese version of the report as well as the English translation of that report as seen below:

Justice blocks the assets of technology giant

Cisco's response to a Network World inquiry about its Brazilian assets:

"Last month, Cisco was notified that the bank accounts associated with one of Cisco's legal entities in Brazil had been blocked in connection with this three-year-old case. Cisco immediately appealed this action, and after reviewing the facts, a judge released the freeze on Cisco's financial assets. The judge agreed with Cisco that freezing the company's financial assets was inappropriate because the case relates primarily to the former distributor Mude, and not to Cisco."

Related stories:

Cisco's financial exposure to its Brazilian tax scandal, $1.875 billion, is growing at the rate of $1.185 million per day

Updated Cisco statements on Brazil

Cisco's legal problems in Brazil drag on

FIRED Thanksgiving Day: Carlos Carnevali pioneer developer of Cisco's Latin America success terminated

Former top Cisco exec placed on paid leave following illegal $287K payment to Brazil's ruling party

Former top Cisco executive Carlos Carnevali in police custody 3 weeks after his arrest by Brazilian authorities

Cisco says it did not 'act inappropriately' in Brazil

Cisco top brass arrested in bizarre investigation

Cisco offices raided, executives arrested in Brazil: reports


What's your take on Cisco's Brazilian tax scandal?

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