Brazil’s federal public prosecutors started an investigation of Portuguese group Ongoing Strategy Investments SGPS SA investments in Brazil, Folha de S. Paulo reported, without saying where it obtained the information.
Prosecutor Marcio Schusterschitz Araujo is reviewing whether Ongoing is breaking Brazil’s Constitution that limits foreign stakes in media companies to 30 percent, Folha said.
Ongoing entered the Brazilian media market in 2009, when it started the newspaper Brasil Economico, Folha said. Ongoing Chairman Nuno Vasconcellos has a 29.9 percent stake in Empresa Jornalistica Economico SA, the company that publishes Ongoing newspapers in Brazil, while his wife, Maria Alexandra de Almeida Vasconcellos, who is Brazilian, has the remaining 70.1 percent of the company, Folha said.
Empresa Jornalistica Economico told Folha that Maria Alexandra and Nuno Vasconcellos are married under rules that allow them to keep separate possessions. Ongoing told Folha that it follows Brazilian law.
Ricardo Santos Ferreira, a spokesman for Ongoing in Portugal, didn’t immediately return a call to his mobile phone and an e-mail from Bloomberg News today.