Learning English - Words in the News
30 July, 2004 - Published 13:16 GMT
Brazil Tax Scandal
A senior official at Brazil's central bank has resigned following allegations of tax evasion. This report from Steve Kingstone:
Luiz Candiota was director of the central bank's monetary policy committee which sets Brazil's interest rates. A magazine article had accused him of tax evasion, alleging that he transferred money through an account in New York without telling the Brazilian authorities.
Mr Candiota strongly denies any wrongdoing, and prosecutors say he's not under investigation. But on Wednesday he fell on his sword, saying he was resigning to protect the bank.
Under normal circumstances, such a departure would probably draw a line under the affair, but not here. That's because federal prosecutors are investigating the tax affairs of the bank's governor, Henrique Meirelles. The same magazine article alleged that in 2001 he misled the authorities about where he was living, while working for an American-based banking group.
Mr Meirelles says there's no irregularity and that he has no intention of resigning. At least two influential Brazilian newspapers have called for him to go.
Steve Kingstone, BBC News, Sao Paolo
denies any wrongdoing
fell on his sword
draw a line under
he has no intention of
called for him to go