Brazilian police raided the headquarters of the state-controlled power company Companhia Energetica de Minas Gerais, known as Cemig, on Thursday, according to a police statement.
The police said they were investigating the alleged embezzlement of 40 million reais ($10.5 million) out of Cemig in a corruption scheme that involved two subsidiaries, Renova Energia SA and Casa dos Ventos.
The country’s internal revenue service told journalists the case involved a complex money laundering scheme. Shares in Cemig were down 2.6 percent, at 14.27 reais, in late morning trading.
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