Rio, 7/9/2004 (Agência Brasil - ABr) - In the United States, Kenneth Lay arrives at court in Houston wearing coat, tie and handcuffs. Meanwhile, in Brazil, the Brazilian Securities Exchange Commission (Comissão de Valores Mobiliários) (CVM) has barred the former banker, Ângelo Calmon de Sá, from holding any corporate position for 20 years.

Calmon de Sã was found guilty of mismanagement while he was the head of the Banco Econômico. Under Brazilian corporate law, the maximum sentence he can receive is a 20-year disbarment. The Banco Econômico went into receivership in August 1995.

The CVM also sentenced other former officials of the bank as follows: Roberto Antonio Alves, (barred for 10 years) and Roberto Videira Brandão (barred for 5 years). The following former officers of the bank were barred for 3 years: Luiz Ovídio Fisher, Sérgio Pedro Martello, Roberto Calmon de Barros Barreto Filho, José Bandeira de Mello Júnior and Vital de Freitas Santos Souza Filho.

No one has gone to jail in this case.

The CVM absolved Lucilo Pelosi, Reynaldo Giarola, Jefferson de Souza Almeida and José Roberto David de Azevedo.

Translator: Allen Bennett