Black Friday Sale! Save huge on InvestingProGet up to 60% off

Brazil judge lifts injunction on public funds for Games

Published 18/08/2016, 01:59
© Reuters. A construction worker walks by a logo of the Rio 2016 Olympics in Rio de Janeiro

RIO DE JANEIRO (Reuters) - A Brazilian judge on Wednesday lifted an injunction on the federal and city government using public money to help finance the organisation of the Olympic and Paralympic Games in Rio de Janeiro.

Federal judge Guilherme Couto de Castro said the block on transfers of public money could seriously disrupt next month's Paralympic Games, for which organizers have said they still need additional funding.

Brazil's Presidential Chief of Staff Eliseu Padilha announced on Aug. 4, the day before the Rio Olympics' lavish opening ceremony, that the federal government would provide 120 million reais to the organising committee and the city of Rio would make a further 150 million available.

The judge said that failure to disburse the funds would mean that the Rio 2016 organising committee would not be able to make payments to national Paralympic organizations for travel, food and uniforms, making it impossible for some countries to participate.

The judge said that his order to unblock the funding did not overrule a previous court's decision to require organizers to disclose their revenues and spending.

© Reuters. A construction worker walks by a logo of the Rio 2016 Olympics in Rio de Janeiro

Last week, judge Marcia Maria Nunes granted a request by prosecutors to freeze the transfer of public funds unless the accounts were made public.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.