BRASILIA, April 25 (Reuters) - The board of Brazilian telecoms regulator Anatel on Wednesday voted against a proposal by Telefonica Brasil SA to swap 3 billion reais ($861.08 million) in regulatory fines for new investments.
The Anatel board rejected the fine-for-investment swap by a 3-2 vote, said Juarez Quadros, the head of the regulator. The company has been hit with various fines stretching back several years.
Telefonica's press office declined to comment on the decision.
Telefonica, Brazil's largest telecommunications company, can make a final appeal back to the board to reconsider its decision. If Anatel's board again rejects it, the firm can appeal to a federal court.
$1 = 3.4840 reais Reporting by Leonardo Goy Writing by Brad Brooks; Editing by Diane Craft