Banco Santos: Court orders seizure of Eldorado mall – 03/29/2023 – Mônica Bergamo

Banco Santos has just won one of its first legal victories since 2005, the year in which it was declared bankrupt. On the 20th of this month, the 13th Chamber of Private Law of the Court of Justice of São Paulo determined the seizure of 50% of shopping Eldorado, located in the west zone of the capital of São Paulo, in favor of the bankrupt estate of the financial institution. There is still an appeal.

The percentage corresponds to the quota held by entrepreneurs of the Veríssimo Group, identified as one of the bank’s biggest debtors. The default dates back to a millionaire contract signed in July 2004 between Santos and a company in the group. Its updated value is estimated at approximately R$ 2.1 billion.

After more than 15 years of collecting the debt, the bankrupt estate of Banco Santos appealed to the courts requesting that the responsibility be extended to the individuals and legal entities behind the company Verpar Centro Comerciais SA, which belongs to the Veríssimo Group and contracted the loan.

In the action, the lawyers argued that there were signs of concealment of assets and a scheme to shield assets, which was being promoted by the Veríssimo family in order to thwart the execution of the debt. The thesis was accepted by the court.

For Judge Heraldo de Oliveira, rapporteur for the action, it was demonstrated that the debtors sought to “hide their assets” by transferring ownership of shares in five companies to family members and to open accounts in tax havens, such as the British Virgin Islands and the Bahamas.

“The patrimonial confusion between the companies, their families and the debtors is evident, configuring an economic group constituted to hide the assets of the executed and avoid the payment of their obligations”, said the magistrate.

“The fraud perpetrated by the Verissimo family and the business group to protect the debtors of the J. Alves Verissimo/Verpar group, who are also owners of Shopping Center Eldorado, was set up”, he added.

Banco Santos suffered intervention from the Central Bank in 2004, after a shortfall of R$ 2.2 billion. The following year, it was declared bankrupt.

Owner of the financial institution, banker Edemar Cid Ferreira is trying to reverse the decision: for him, the business failed because of those who took out loans and did not honor the debt payment.

In 2020, a Ferreira mansion located in the Morumbi neighborhood of São Paulo, which belonged to the bank’s bankrupt estate, was sold at a judicial auction for R$27.5 million.

Built between 2000 and 2004, the house was designed by architect Ruy Ohtake, who received R$ 1.15 million for the service. North American decorator Peter Marino received another R$ 8.86 million.

The property, which cost the former banker more than R$ 140 million, has two art galleries, with a ceiling height of nine meters, a library and a helipad. Glass bathrooms with technology that changes color when occupied, marble imported from France and pneumatic elevators also raised their prices.

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MY STORY

Former governor João Doria received guests at the launch of his biography, “João Doria – The Power of Transformation”, written by journalist Thales Guaracy. The event was held at Livraria da Travessa at Shopping Iguatemi, in São Paulo, on Monday night (27). Former President of the Republic Michel Temer (MDB) was there. Father Julio Lancellotti also attended.

_{with CLEO GUIMARÃES (interim)BIANKA VIEIRA, KARINA MATIAS It is MANOELLA SMITH}

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