Monday, October 15, 2007

Brazilian Authorities Accuse Cisco of Tax Evasion

Brazilian police and tax authorities raided Cisco Systems' offices in Brasilia and arrested several company executives, including the president of Cisco do Brasil, Pedro R�pero, and the ex-president, Carlos Roberto Carnevali. According to local media reports, the authorities are accusing the company of import tax evasion over the past five years and accumulating up to an estimated R$1.5 billion (US$826 million) in back taxes and fines.

Cisco has not yet commented on the case.

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