Brazil's Central Bank Shuts Down Simpala Financial Companies
Listen to the story
Brazil's Central Bank has closed two companies. The companies belong to a group called Simpala.
One company managed consortiums. The other was a finance company. The Central Bank said it found 'serious violations.'
The Central Bank used a process called extrajudicial liquidation. This means the government closes a company without going to court first.
This is part of a bigger story. It started with a bank called Master. Now, 19 companies have closed since the Master case began.
The Central Bank checks banks and finance companies in Brazil. It can close a company if the company breaks important rules.
People do not know many details yet. The news only says the companies had serious problems.
Vocabulary6 words
- Central Bank
- the main bank that controls money in a country
- consortiums
- groups where people pay money together to buy something later
- finance company
- a business that lends or manages money
- extrajudicial liquidation
- closing a company by government order, not by a judge
- violations
- breaking rules or laws
- institutions
- official companies or organizations, like banks
Quiz
Answer key
1. It closed them 2. A consortium administrator and a finance company 3. 19
Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
Brazil's Central Bank has closed two _____. The companies belong to a group called _____.
One company managed _____. The other was a _____ company. The Central Bank said it found 'serious _____.'
The Central Bank used a process called extrajudicial _____. This means the government closes a company without going to court first.
This is part of a bigger story. It started with a bank called _____. Now, 19 companies have closed since the Master case began.
The Central Bank checks banks and finance companies in _____. It can close a company if the company breaks important rules.