Dispute between Santander and Petrópolis brewery heats up – 05/04/2023 – Panel SA

The Petrópolis brewery filed a criminal complaint with the Justice against Santander, the bank that until today serves the manufacturer, for breach of secrecy and defamation. The Civil Police of Rio de Janeiro has already opened an investigation.

Petrópolis has been in judicial recovery since the end of March with a debt of almost R$ 8 billion. Santander is one of the biggest creditors (R$ 450 million) and continues, by court order, serving the brewery. It is the bank that operates, for example, salary payments.

Those who read the petition claim that Petrópolis accuses Santander of using confidential data on its financial transactions —carried out by the bank itself— to support accusations of fraud against RJ’s creditors, including the bank.

The bank claims that these financial movements that took place two months before the request for judicial recovery prove a coup by the controller of Petrópolis, Walter Faria, to embezzle company assets.

Both are locked in a fierce dispute in court.

Behind the scenes, representatives of Petrópolis claim that they were forced to enter RJ due to Santander, which imposed the expiration of three lines of credit under conditions considered abusive. The exchange of the three for a single debt would require a risk premium of R$ 11 million, just for the contract to be signed.

With no chance of adhering to this agreement and already without short-term cash, the brewery filed the recovery request.

When contacted, Santander declined to comment because it was not notified of the complaint. Petrópolis declined to comment.

With Diego Felix

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