BradReese.Com Instant Quotes

Home About Repair Power Supplies Refurbished Blog Quick Links Site Map Contact Us

BradReese.Com Blog by Brad Reese


Power Supplies

VoIP Gateways

Cisco Repair

Refurbished Cisco

Cisco CPQRGs

New Cisco

New HP ProCurve

Cisco Tools

Competitive Lab Tests

Tech Forums

How-to Tutorials

CCIE Gossip


View Archive of the BradReese.Com Blog

Subscribe to the BradReese.Com Blog

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?

Contact Brad Reese

Subscribe to the BradReese.Com Blog

Brad's Favorite Story Picks

  1. Joltid transaction a hangman's noose around Skype's neck?
  2. 4 steps to configure Cisco Flexible NetFlow
  3. Cisco FY10 router sales down $1.366 billion from FY08
  4. Force10 ExaScale Switch vs. Cisco Nexus 7000 Switch
  5. Cisco CEO John Chambers criticized by Wall Street analyst for not taking bold action?
  6. Cisco's FY2010 ended with its highest customer satisfaction survey score in history
  7. Cisco's Q4FY10 ends with bookings healthy on a month-to-month basis
  8. Cisco CEO John Chambers raked in almost $400 million while Cisco's shareholders lost almost 30% of their investment
  9. Avaya CS 1000 vs. Cisco UCM power consumption competitive lab test
  10. Cisco's executive biographies have gone missing
  11. Is Cisco's hubris the subject of a new book?
  12. Will Enterasys beat Cisco at its own NetFlow game?
  13. Customers appear to be the reason why legal IOS for cert self study has not been made available by Cisco
  14. How Cisco derived the clever name of its new tablet, Cius
  15. Cisco's access point market share falling
  16. Cisco's stock price drops -3.57% during its new Cius tablet announcement
  17. Cisco's new CCIE Emeritus status is a bad idea
  18. Will digerati evangelist Lew Tucker be in deep doo doo under the thumb of Padmasree Warrior?
  19. Cisco's 8.8% effective tax rate appears to be forcing it to move jobs and investments overseas
  20. View BradReese.Com Blog Archive
blog comments powered by Disqus

Brad Reese music work ambience

Supplement Cisco SMARTnet Contracts


©2011 BradReese.Com - Home - About - Repair - Power Supplies - Refurbished - Blog - Quick Links - Site Map - Contact Us