5 million equivalent to us 69 million at december 31

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Unformatted text preview: ations defined by the Terms of Settlement. Decrees approving the enlargement of the Indian reservations have extinguished the aforementioned administrative claim. As of December 31, 2000, the Company had donated to the Indian Associations approximately R$ 2.6 million (U.S.$ 1.8 million) (U.S. $ 445 in 2000) under the Terms of Settlement. 32 Aracruz Celulose S.A. Notes to Consolidated Financial Statements Expressed in thousands of United States dollars (unless otherwise stated) (iii) Fiscal Proceedings In March 1997, the Company received notification from the INSS (the Brazilian Social Security System) relating to the value of housing allowances paid to certain employees over a period of several years. At December 31, 2000, the Company is contesting this notification and has placed approximately U.S.$ 9,942 in an escrow account to cover this claim. Based on the opinion of its legal advisors, the Company’s management does not believe that the ultimate resolution of this matter will have a mat...
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