TJ denies injunction in dispute for Eldorado Celulose – 04/06/2023 – Panel SA

Judge Francisco Casconi, from the TJSP (São Paulo Court of Justice) denied, on Tuesday (4), an injunction request by Paper Excellence in the dispute against J&F, the brothers Joesley and Wesley Batista, for the control of Eldorado Celulose.

The denial was made after a writ of mandamus filed by Paper against a decision by judge José Carlos Costa Netto. On March 24, three days after Judge Franco de Godoi, the case’s rapporteur, authorized the transfer of control of Eldorado, Netto overturned the decision and sent the case to a special group at the Court of Justice.

Casconi’s measure states that the dispute involves multiple resources, several different demands in different jurisdictional bodies and that it was not appropriate to evaluate partiality issues as requested by Paper. He also says that the conflicts will be analyzed by the special group on the 12th.

In the dispute that has dragged on for years, J&F sold control of Eldorado to Paper for around R$15 billion in 2017, but later questioned the values ​​and tried to reverse the deal. There was no agreement and, therefore, an arbitration process was opened between the two parties, which ended with the victory of the Indonesian group. Even so, the transaction did not materialize because the Batistas asked for the annulment of the arbitral award in court.

In a note, J&F said that this week’s decision “reinforces J&F Investimentos’ confidence that the São Paulo Court of Justice will guarantee it a fair trial of the case”. Paper did not comment.

Joana Cunha with Paulo Ricardo Martins It is Diego Felix

PRESENT LINK: Did you like this text? Subscriber can release five free hits of any link per day. Just click the blue F below.