André Esteves

André Santos Esteves (born July 12, 1968) is a Brazilian billionaire businessman. Among Brazilian billionaires,[6] Esteves is ranked 6th with a net worth of R$20.75 billion, according to Forbes business magazine.[7] He currently serves as Senior Partner at BTG Pactual,[8] the biggest investment bank in Latin America, and also as Board Member of Conservation International.[9]

André Esteves
Esteves in 2014
Born
André Santos Esteves

(1968-07-12) July 12, 1968[1]
Rio de Janeiro, Brazil[2]
Alma materFederal University of Rio de Janeiro[1]
OccupationBusinessman, investor, philanthropist
Net worthUS$4.0 billion (April 2019)[1]
TitleSenior Partner, BTG Pactual[3]
Board member ofConservation International[4]
Spouse(s)Lillian Esteves[5]
Children3[1]

Personal life

André Esteves was born into a middle-class family in Rio de Janeiro,[2] and obtained his Bachelor's degree in computer science from the Federal University of Rio de Janeiro.[1][10] Esteves has three children,[11] and The New York Times writes that "he has driven the same Mercedes pickup for four years and takes only two weeks of vacation a year", though he also owns a Dassault Falcon private jet worth $50 million USD[2][12][13] When interviewed about his downtime, "Esteves professes a love of his job, though he also enjoys cinema, wine and good food."[11]

Career

After graduating from the Federal University of Rio de Janeiro, André Esteves joined Pactual and within "a year he was a member of the bank's foreign debt trading team, and within two he was managing IPOs and M&A deals."[10] In 1992, Esteves made a partner for helping the bank "to post a 59 percent return on capital".[10] UBS purchased Pactual in December 2006,[10] and in June 2008, Esteves left the bank along with key Brazilian partners[14] to create BTG, a global investment company. In April 2009, Esteves, along with other partners, purchased Pactual back from UBS for $2.5 billion.[10] He discussed these events in 2013 in an interview for the Creating Emerging Markets project at the Harvard Business School.[15] Esteves arrives at his office as early as 6:30 AM and "often calls partners together for meetings as late as 10:00 p.m."[16] He also holds regular study meetings with BTG Pactual directors at his home.[17]

Philanthropy

James Crombie of LatinFinance writes that "Esteves supports education and environmental charities". André Esteves has also supported initiatives, projects and institutions that help to improve education, healthcare and promote arts in Brazil. Institutions like the Universidade de São Paulo, the "Hospital de Câncer de Barretos" and the Museu de Arte Moderna de São Paulo are among those supported by Esteves.

Esteves Hall

André Esteves made a significant personal donation to Harvard Business School, in order to renovate the former Baker Hall, located on the campus of Harvard University; now renamed as Esteves Hall, in honor of him.[18] This Harvard dormitory is used by the School's Executive Education programs, which annually attract some 10,000 executives from around the globe, many from Esteves' home country, Brazil.[19]

Environment

Esteves is also known for his pro-environment activities, most of them in private. He is a board member at Conservation International[20] and played an active role supporting the Amazonia Live program, a project to plant one million trees,[21] in partnership with one of the biggest music festivals of the world, Rock in Rio.[22]

Prizes
  • Person of the Year by the Brazilian Chamber of Commerce of UK in 2014.[23]
  • Person of the Year by the US-Brazil Chamber of Commerce in 2012.[24]
  • One of the 50 most influential people in the world by "Bloomberg" in 2012.[25]
  • Prominent Executive in the area of banks and financial institutions by Valor Econômico newspaper for three consecutive years, in 2011, 2012 and 2013.[26]
  • One of the most admired leaders of the Year by Carta Capital magazine for two consecutive years in 2011 and 2012.[27]
  • One of the "100 Most Influential Brazilians " by Epoca magazine for four consecutive years, in 2009, 2010, 2011 and 2012.[28]
  • Personality of the Year by Latin Finance in 2010.[29]
  • One of the 25 most influential executives in the financial sector, according to Institutional Investor survey in 2009.[30]
  • Entrepreneur of the year, according to the "Isto É Dinheiro" magazine for two years, in 2011 and 2014.[31][32]
  • Appointed leader in Financial by Leaders of Brazil in 2012.[33]

BTG Pactual
Main article: BTG Pactual

BTG Pactual, bank in which André Esteves is a Senior Partner,[8] offers advisory services in merger transactions and acquisitions, equity, debt underwriting, asset management, wealth management, sales and trading, loans and financing (corporate lending) and fund management for clients including corporations, financial institutions, governments and high-net-worth people. The bank is also active in proprietary investments (both class of net assets as of non-liquid assets). It is recognized as one of the leading investment banks in emerging markets, the largest independent investment bank and the largest asset manager in Brazil.[34]

Controversy

Insider trading

In April 2012, André Esteves was fined €350,000 for insider trading in Italy and officials "also froze €4.2 million of Mr. Esteves's personal assets and barred him from acting as an officer in an Italian company for six months."[35][36] Italy’s Consob did this because, they said, that "the 43-year-old Latin American banker bought the shares in November 2007 knowing that the group was planning to enter a joint venture with Brazilian rival JBS."[37] This case was closed and there was no impact to the public offering. In 2012, penalties for André Esteves' insider trading "force[d] the bank to amend its prospectus, give investors the option to reconsidering bids for BTG shares, and put a cloud over one of this year's highest-profile bank deals."[38][39] In "a statement, BTG Pactual said Esteves believed the allegations had no merit and was determined to appeal the decision."[39][40] However, Esteves did not appeal, citing cost and a loss of time as his reasons.[32][41]

In 2013, Charles Rosier, a partner of BTG Pactual,[42] was convicted in the largest insider trading case in the history of France.[43][44][45] While at UBS, at the end of March and early April 2008, he and his cousin Joseph Raad used inside information to purchase shares and options in Geodis just before the announcement of a takeover bid. Of significance, Rosier worked at UBS when he participated in the insider trades when André Esteves, now CEO, partner and director of BTG Pactual, still worked for UBS as head of fixed income in charge of $1.7 trillion USD.[46] Esteves had also committed inside trades while at UBS only a few months earlier in November 2007.[47] Also of significance, Huw Jenkins, partner and director and chairman of BTG Pactual and formerly CEO of UBS Investment Bank, was a consultant to UBS at the same time.[48]

Pactual sale to UBS then BTG

Arthur Rutishauser in Sonntagszeitung argued that the way Esteves acquired 27% of his bank is an example of an insider case: Esteves sold the bank in 2006 for 3.1 billion SFr to UBS, where Huw Jenkins was a key decision maker and heavily involved in that transaction.[49] Esteves later repurchased Pactual back in 2009 for 2.5 billion SF after being allowed to leave UBS to set up BTG.[49] Huw Jenkins was ejected from UBS in 2007 and disappeared then resurface as a senior partner and board member at BTG Pactual in 2010.[50]

Lawsuit in Hong Kong by ex-employee

CEO of BTG Pactual André Esteves, and member of the board of directors Huw Jenkins reportedly "made fraudulent misrepresentations to get Zeljko Ivic to sign agreements with Banco BTG Pactual SA, according to a lawsuit filed with the Hong Kong High Court."[51][52] Robert Tibbo, Zeljko Ivic's attorney, said that Zeljko Ivic played a key role in Banco BTG Pactual SA's initial public offering (IPO).[53] Ivic said he was the key player in fundraising from nine entities, including the China Investment Corporation, GIC Private Limited, as well as the Agnelli and Rothschild families.[54] Ivic is suing[55] for $20 million USD compensation for the BTG Pactual shares, promised partnership and unpaid bonuses.[56][57][58]

Conflict with Brazilian regulators and Central Bank

Bloomberg reported that "In three separate cases since 1999, Brazil’s central bank and securities commission alleged Pactual had illegally transferred profits to foreign funds to disguise gains and avoid taxes."[59] As such, "Esteves and his partners received warnings in the first two incidents."[59] Furthermore, "In the third, he and another partner were ordered to pay a combined settlement of 100,000 reais ($50,000), with Pactual paying another 4 million reais."[59]

Involvement in Sete

On 19 June 2015, Marcelo Odebrecht, the CEO of Brazil’s largest construction company was arrested by Brazilian Federal Police. Odebrecht was arrested on allegations of fraud, corruption, money laundering and organized crime relating to contracts worth billions of dollars with the rigs company Sete Brazil and the state oil company Petrobras. While in detention, Odebrecht attempted to pass a handwritten note to his lawyers that mentioned André Esteves, thus potentially implicating BTG Pactual and Esteves in Lava Jato. One of Sete’s largest shareholders is BTG Pactual, headed by CEO André Esteves. In the handwritten note, Odebrecht asked his lawyers to "destroy rigs’ email."[60][61][62] Sete Brasil was founded to facilitate and enable the construction of ultra-deep water drilling rigs in the country. Seven companies became investors, the pension funds: Petros, Previ, Funcef and Valia, besides the banks Santander, Bradesco and BTG Pactual. Then Petrobras joined the investors.[63] Development bank BNDES, which had previously agreed to extend financing, withheld funds after former Sete Brasil COO Pedro Barusco testified in late 2014 that he accepted bribes in exchange for awarding contracts as part of a wider corruption probe known as Lava Jato (Carwash in Portuguese).[64] In the first quarter of 2015, BTG Pactual recorded a provision for the impairment to the investment equivalent to approximately 25% of its book value, which had a gross negative impact on revenues of R$280million.[65]

Arrest and release

On 25 November 2015, Esteves was arrested as part of a scandal investigation into Petrobras after he was investigated for his bank's dealings with the oil company.[66] On November 29, 2015 it was reported that the Brazilian Supreme Court decided to extend his arrest, according to Esteves's lawyer. According to the same report by Bloomberg News, BTG Pactual's partners were in talks to buy Esteves's 22% to 24% stake including a "golden share" which had given him control of the firm.[67]

Three weeks later, on December 17, 2015, Esteves was released from prison. BTG's bonds and shares subsequently increased. Esteves had to remain at home until he found employment, the Brazilian supreme court said in a statement. Judge Teori Zavascki ruled that Esteves could not have any management role in any of the companies being investigated as part of the corruption probe. The names of those companies were kept sealed. Shares of BTG rose 7.7 percent to 15.62 reais at 3:55 p.m. in Sao Paulo, after gaining as much as 12 percent. The company's $1 billion of notes due 2020 rose 3.1 cents to 72.15 cents on the dollar. Esteves’s attorneys argued that he was only arrested because he's one of the wealthiest people in Brazil, according to court documents filed this month with the supreme court.[68]

On the 27 April 2016, hours after Brazil's Supreme Court freed him from house arrest, a smiling Esteves addressed employees at Grupo BTG Pactual’s headquarters. The bank confirmed in a statement that he will be a senior partner, advising on strategy and the development of activities and operations. In his remarks, Esteves denied wrongdoing, as he has in the past; as part of Operation Carwash. Brazil's high court lifted that order, and Esteves’s lawyer, Antonio Carlos de Almeida Castro, said by text message that the billionaire is free of all charges and can return to the office. BTG shares rose 1.6 percent to 19.97 reais as of 4:38 p.m. in Sao Paulo trading on Wednesday. It followed a 6.2 percent rally on Tuesday.[69]

Judicial Error

Already considered one of the biggest judicial errors in Brazil, Esteves was acquitted of all charges.[70][71] On June 28th, 2017, the Chief Justice of the Brazilian Supreme Court, Gilmar Mendes, referred André Esteves' case during the plenary session of the Supreme Court, "This is a fact of which we are witnesses. I must praise the loyalty that Minister Teori Zavascki also had with this case, when he verified this is a clear case of unequivocal judicial error, about which no one speaks because only success is spoken."[72] Minister Sepúlveda Pertence was arguing and used the following expression: 'I am facing a scabrous case of judicial error'. Minister Zavascki convinced himself and decided monocratically. "How many may be in the same situation as Esteves?"[73][74][75]

On September 1st, 2017, federal prosecutors asked Esteves acquittal on the grounds that there is no evidence that he participated in the criminal scheme. The agency gave the Federal Court in Brasilia the closing arguments in the criminal case in which he presents the conclusions based on the evidence and testimony made. The Federal Prosecution Service says it has not found evidence that Esteves committed the crime of obstruction of justice. "André was improperly involved in this process, the instruction proved this completely," said Antônio Carlos de Almeida Castro, Esteves's lawyer, on the request for acquittal.[76][77]

On July 12th, 2018, Judge Ricardo Leite of the 10th Federal Court of Brasilia acquitted Esteves of the accusations of obstruction of justice for confirmation that there was insufficient evidence to corroborate the allegations.[78][79] Following the acquittal, Esteves' lawyers stated that "they respect the duty of the State to investigate, however, any investigation must be conducted within due process of law, without spectacularization and without excesses. In this case, Esteves' initial arrest was completely unnecessary and abusive."[80]

References
  1. "Forbes profile:Andre Esteves". Forbes. Retrieved 4 April 2019.
  2. Downie, Andrew (28 September 2011). "An Investment Banker's Fortunes Rise With Brazil's". The New York Times. Retrieved 6 January 2015. The son of a lower middle-class family from the gritty north side of Rio de Janeiro, Mr. Esteves joined the Rio office in 1989 at 21 as a systems analyst.
  3. "Brazil's BTG Pactual Says André Esteves to Return as Senior Partner". The Wall Street Journal. Retrieved 17 January 2020.
  4. "Board of Directors". Conservation International. Retrieved 17 January 2020.
  5. Nitin Nohria; Sal Khan (1 June 2013). "Building a Better Brazil". Harvard Business School. Retrieved 10 January 2015. A gift from André Esteves (pictured here with wife Lilian) will improve an Executive Education residence hall—a space increasingly used by program participants from Brazil.
  6. "Andre Esteves". Retrieved 2015-10-05.
  7. Ertel*, Lucas Borges Teixeira e Lurdete (2019-09-25). "10 maiores bilionários do Brasil em 2019". Forbes Brasil (in Portuguese). Retrieved 2020-01-23.
  8. Dickerson, Marla (2016-04-27). "Brazil's BTG Pactual Says André Esteves to Return as Senior Partner". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-01-23.
  9. "Board of Directors". www.conservation.org. Retrieved 2020-01-23.
  10. Mitchell, Jason (October 2010). Brazil's Goldman. Institutional Investor. p. 68. BTG Pactual reflects Brazil's ascent in the world. Esteves, an only child, was brought up in Tijuca, a middle-class neighborhood of Rio de Janeiro. He studied computer science at Rio's Federal University. Upon leaving university in 1989, he joined Pactual, an investment banking boutique founded by banker Luiz Cezar Fernandes six years earlier. Although hired as a mere intern to fix back-office computers, Esteves' drive was evident from the start: He used to sleep in Pactual's office in the modest Lapa neighborhood of Rio de Janeiro so that he could get more work done. Within a year he was a member of the bank's foreign debt trading team, and within two he was managing IPOs and M&A deals. In 1992 his trading skills helped the bank to post a 59 percent return on capital. In recognition he was made a partner the following Winning, indeed. Pactual profited enormously from Brazil's economic takeoff this decade, and in 2006 it became a highly prized target of UBS, the Swiss bank then jockeying for a global investment banking leadership. That December, UBS bought Pactual for $2.6 billion plus a $500 million retention package for some 80 employees, including Pactual's 33 partners. The deal made Esteves, who owned a 30 percent stake in Pactual, a very wealthy man.
  11. Crombie, James (March 2011). "The Humble Billionaire". LatinFinance (217). Asked about downtime, Esteves professes a love of his job, through he also enjoys cinema, wine and good food. "I personally have a lovely family and I take my children every day to school, so it's a simple life: work and family," says banker. "We have fun here," he add. Esteves has three children, aged 12, nine and five.
  12. Downie, Andrew (28 September 2011). "An Investment Banker's Fortunes Rise with Brazil's". The New York Times. Retrieved 6 January 2015. Still, he has driven the same Mercedes pickup for four years and takes only two weeks of vacation a year.
  13. Fucs, Jose (27 April 2012). "Da Tijuca para o mundo". revistaepoca.globo.com (in Portuguese). Epoca. Archived from the original on 20 February 2014. Retrieved 17 January 2015. Seu jato particular, um Dassault Falcon 7X avaliado em US$ 50 milhões, é uma ferramenta de trabalho.
  14. "André Esteves Pushes Brazil's BTG Pactual Into Front Ranks of Investment Banking". Institutionalinvestor.com. Retrieved 2015-10-05.
  15. "Interview with André Esteves". Creating Emerging Markets. Harvard Business School.
  16. Mitchell, Jason (October 2010). Brazil's Goldman. Institutional Investor. p. 68. "I am no longer as poor as I used to be, but I am still hungry and desperate to get richer." Esteves doesn't sleep at the office these days, but he does log long hours. He usually arrives as early as 6:30 a.m. and does not leave before 8:00 p.m. He often calls partners together for meetings as late as 10:00 p.m.
  17. Alex Cuadros; Cristiane Lucchesi (10 September 2012). "BTG's Esteves Drives 'Better Than Goldman' Rise in Bank's Clout". Bloomberg L.P. Retrieved 17 January 2015. Every Sunday, he invites executives to his home to order pizza and debate deals.
  18. Khan, Sal; Nitin Nohria (1 June 2013). "Building a Better Brazil". Harvard Business School. Retrieved 10 January 2015.
  19. "Andre Esteves to Speak Tomorrow at Latin American Conference at Harvard Business School". Harvard Business School. 8 March 2013. Retrieved 10 January 2015. Esteves, a member of Harvard Business School’s Latin America Advisory Board, has also made a significant personal donation to Harvard Business School to renovate Baker Hall, a residence hall built in 1969 and used by the School’s Executive Education programs, which annually attract some 10,000 businesspeople from around the world, a significant proportion of them from Brazil.
  20. Crombie, James (April 2011). "The Humble Billionaire". LatinFinance (217). Asked about downtime, Esteves professes a love of his job, through he also enjoys cinema, wine and good food. "I personally have a lovely family and I take my children every day to school, so it's a simple life: work and family," says banker. "We have fun here," he add. Esteves has three children, aged 12, nine and five.
  21. "Brazilian Biodiversity Fund" (PDF). Funbio Annual Report 2016: 16.
  22. "Lilian e Andre Esteves recebem Pearl Jam para almoço em prol da Amazônia – Glamurama". Segredos dos Famosos (in Portuguese). 2018-03-21. Retrieved 2019-03-26.
  23. "Gala Dinner and Personality of the Year Awards 2014". Retrieved 2015-06-10.
  24. "Guilherme Barros Blog » With Lula video, André Esteves will be honored today as Person of the Year by the Chamber of Commerce Brazil - United States". Archived from the original on 2015-10-07. Retrieved 2015-06-10.
  25. Juliboni. "The 10 most influential bankers of the world by Bloomberg". Retrieved 2015-06-10.
  26. "Value announces prominent executives in 23 sectors of the economy". Archived from the original on 2015-10-07. Retrieved 2015-06-10.
  27. "With your feet on the real economy". Retrieved 2015-06-10.
  28. "Brazilian billionaire is voted one of the 10 most influential bankers of the world". Retrieved 2015-06-10.
  29. "Person of the Year 2015". Archived from the original on 2015-09-29. Retrieved 2015-06-10.
  30. "André Esteves 's BTG Pactual Brazil Pushes Into Front Ranks of Investment Banking". Retrieved 2015-06-10.
  31. "Entrepreneur of the Year 2011: André Esteves". Archived from the original on 2015-12-22. Retrieved 2015-12-17.
  32. "André Esteves is the entrepreneur of the year in finance". Retrieved 2015-12-17.
  33. "Brazil Leaders Award recognizes today the big names in the country - EXAME.com". Archived from the original on 2015-12-19. Retrieved 2015-06-10.
  34. "ISTOÉ Money - Magazine Business Week, Economics, Finance. and E-Commerce Publisher Three". Retrieved 2015-05-10.
  35. Lyons, John; Gilles Castonguay (16 April 2012). "Italy Fines Bank CEO Ahead of Brazilian IPO". The Wall Street Journal. Retrieved 10 January 2015. André Esteves, the chief executive and controlling partner of Brazilian investment bank BTG Pactual, was hit with a €350,000 ($458,000) fine for alleged insider trading by Italy's markets regulator Monday, just weeks before the Brazilian bank's $2.3 billion public share offering. Italy's Consob markets regulator alleged Mr. Esteves used his personal account in 2007 to trade in securities of Italian meat processor Cremonini, which was in talks for a joint venture with the Brazilian meat company JBS SA. Authorities also froze €4.2 million of Mr. Esteves's assets and barred him from acting as an officer in an Italian company for six months.
  36. Scott, Mark (16 April 2012). "BTG Pactual Chief Fined Over Insider Trading". The New York Times. Retrieved 10 January 2015. André Esteves, the chief executive of the Brazilian bank BTG Pactual, was fined 350,000 euros ($457,000) by the Italian financial regulator on Monday for insider trading.
  37. Schäfer, Daniel; Samantha Pearson (16 April 2012). "BTG chief fined for insider trading". Financial Times. Retrieved 10 January 2015.
  38. "UPDATE 4-Insider trading fine casts cloud over BTG Pactual IPO". Reuters. 2012-04-16. Retrieved 2019-03-26.
  39. Silvia Aloisi; Steve Slater (16 April 2012). "Insider trading fine casts cloud over BTG Pactual IPO". Reuters. Retrieved 10 January 2015.
  40. Russell, Jonathan (16 April 2012). "BTG Pactual chief Andre Esteves fined €350,000 for 'insider dealing'". The Daily Telegraph. Retrieved 10 January 2015. Since the statement was put out Mr Esteves has been fined. He plans to appeal the action.
  41. "Annual Shareholder's Meeting". BTG Pactual. 27 March 2014. Retrieved 22 January 2015. Mr. André Santos Esvetes hereby declares, for all legal purposes, that in the last five years he has not been subject to the effects of any felony convictions, penalties applied by the CVM in administrative proceedings or final and unappealable decisions, either in legal or administrative proceedings, which would prevent him from performing any professional or business activities, except for the proceeding arising from the civil investigation by the Commissione Nazionale per Le Societá e La Borsa – CONSOB, in Europe, related to the improper secondary use of privileged information in the trading of securities issued by Cremonini S.p.A., which was then negotiating a partnership with JBS S.A., executed in 2007, in which the following decisions were taken: (i) the suspension of André Esteves as an administrator of companies regulated by CONSOB; (ii) the freezing of the supposed profits from the securities trading; and (iii) the imposition of a fine. Mr. ESTEVES filed an administrative appeal, which he subsequently withdrew despite his continuing affirmation that the accusations were unfounded, in order to avoid the expense involved in such an appeal, as well as the time lost. It is important to emphasize that the above-mentioned suspension occurred during the analysis of the subsequent appeal. It is also important to note that, due to its nature, this proceeding does not reflect any criminal consequences.
  42. Brule, Jill Van Den. "Charles Rosier To Support MPOWERD's Luci Lantern Lighting Up The City Of Lights". iReach. Archived from the original on 12 July 2015. Retrieved 21 July 2015. Luci will be distributed throughout France in the coming months with the support of Charles Rosier, a partner with Brazilian investment bank, BTG Pactual.
  43. Stothard, Michael. "French trader is fined record €14m". Financial Times. Retrieved 21 July 2015. France’s market regulator has handed out the largest fine in its history to a trader who made €6.2m from insider trading, as the watchdog joins those in the US, UK and Japan taking a tougher line on financial crimes. High quality global journalism requires investment. Joseph Raad "an experienced financier and regular investor" was passed information about the imminent takeover of logistics company Geodis by SNCF, the French state railway, in 2008 by his cousin Charles Rosier, a UBS banker at the time close to the deal, according to the Autorité des Marchés Financiers.
  44. Freehills, Herbert Smith (23 October 2013). "French AMF imposes record insider dealing fine - Lexology". Lexology. Retrieved 21 July 2015. Last Thursday, the French AMF imposed a record €14m fine on trader Joseph Raad for engaging in market abuse, alleging that he used non-public information sourced from a cousin to make €6.2m in 2008 by trading in the shares and options of logistics company Geodis. The AMF claims that Charles Rosier, a banker, tipped Raad off about an impending transaction that involved French state railway SNCF bidding for Geodis, and that Raad bought Geodis shares and options worth €8m in the fortnight leading up to the announcement of the bid.
  45. "Sanction". Autorité des marchés financiers. 24 October 2013. Retrieved 21 July 2015.
  46. Brasileiro, Adriana (25 October 2007). "Brazil Billionaire Runs $1.7 Trillion in UBS Assets". Bloomberg L.P. Retrieved 21 July 2015. Esteves is now in charge of about $1.7 trillion in UBS assets about 70 percent more than Brazil's current gross domestic product of $1.05 trillion.
  47. Schäfer, Daniel (16 April 2012). "BTG chief fined for insider trading". Financial Times. Retrieved 21 July 2015. The bank had mentioned "ongoing civil, non-criminal investigation in Europe" against Mr Esteves in its IPO prospectus published at the beginning of the month, without providing any detail at the time.
  48. "HL Paper 27-III/HC 175-III". Minutes of Evidence. House of Commons - Parliamentary Commission on Banking Standards. Retrieved 21 July 2015. Q2140 Mark Garnier: Mr Jenkins, I think you started at UBS at 1996 and you became head of equities for the Americas in 2000.
  49. Rutishauser, Arthur. "Die neuen Herren der BSI und ihre Vergangenheit" (in German). Sonntagszeitung. Archived from the original on 2015-01-22. Retrieved 10 January 2015. Der grösste Insiderfall – allerdings kein strafbarer, sondern ein cleverer – ist, wie Esteves zu seiner Bank kam, an der er 27 Prozent be sitzt und die er beherrscht. Er verkaufte die Bank 2006 der UBS für 3,1 Milliarden Franken. Zwei Jahre später kaufte er sie für 2,5 Milliarden zurück und brachte sie 2012 für 14 Milliar den Dollar an die Börse. Verantwortlich für den Kauf der Pactual war 2006 der damaligen UBS-Investmentbanking chef Hew Jenkins. Jenkins wur de da mals kurzzeitig zum Chef von Esteves. Es war unter seiner Ägide, als die UBS einen grossen Teil der Schrott-Hypotheken kaufte, die bei der UBS zu den 60 Milliarden Franken Abschreibungen und letztlich zum Eingreifen des Staates führten.
  50. Jenkins, Patrick. "Ex-UBS man's key role in Brazil bank". Financial Times. Retrieved 17 January 2015. Like most of those who were ejected from their jobs during the financial crisis, he swiftly disappeared from view.
  51. "André Esteves é processado em Hong Kong por ex-Funcionário" (in Portuguese). Brasil Econômico. 15 May 2014. Archived from the original on 22 January 2015. Retrieved 12 December 2014. André Esteves, o bilionário fundador do BTG Pactual do Brasil, foi processado por um ex-funcionário em Hong Kong, que alega que lhe foram prometidas uma parceria e ações por conseguir investidores antes da venda inicial de ações do banco. Zeljko Ivic alegou que o Banco BTG Pactual SA, o presidente e CEO Esteves e Huw Jenkins, um sócio-gerente, fizeram deturpações fraudulentas para que ele assinasse acordos com o banco de investimentos, conforme uma ação judicial apresentada perante o Supremo Tribunal de Hong Kong.
  52. Wong, Douglas (15 May 2014). "BTG Billionaire Esteves Sued in Hong Kong by Ex-Employee - Bloomberg". Bloomberg L.P. Retrieved 10 January 2015. Andre Esteves, the billionaire founder of Brazil’s BTG Pactual, was sued by a former employee in Hong Kong who claims he was promised a partnership and stock for securing investors before the bank’s initial share sale. Zeljko Ivic alleged that Banco BTG Pactual SA, Chairman and Chief Executive Officer Esteves and Huw Jenkins, a managing partner, made fraudulent misrepresentations to get him to sign agreements with the investment bank, according to a lawsuit filed with the Hong Kong High Court. BTG Pactual raised as much as 3.66 billion reais ($1.66 billion) in its 2012 initial public offering. The sale followed a 2010 agreement to sell a stake to a group including China Investment Corp., GIC Pte. and the Rothschild and Agnelli families. Esteves, 45, is worth $4.2 billion according to the Bloomberg Billionaires Index, mostly due to his 22 percent stake in BTG Pactual. Jenkins and Hong Kong-based BTG Pactual Asia Ltd., which has also been sued, will vigorously defend the claims, "which they believe to be baseless and without merit," according to their lawyer Randall Arthur. BTG Pactual doesn’t comment on matters under litigation, the Sao Paulo-based bank said in an e-mail response to queries. Shares of the company fell 0.7% to 32.22 reais at 10:41 a.m. in Sao Paulo. Ivic is seeking more than $20 million as damages for the value of the shares and partnership promised, as well as unpaid bonuses, his lawyer Robert Tibbo said.
  53. "20-Millionen-Klage gegen André Esteves und Huw Jenkins" (in German). Fine News. 15 May 2014. Retrieved 12 December 2014. Der Anwalt von Ivic sagte hingegen, die beiden hätten Ivic etwas vorgespielt. Sein Klient habe eine Schlüsselrolle beim Pactual-Börsengang gespielt.
  54. Samor, Geraldo (15 May 2014). "Zeljko Ivic vs. BTG" (in Portuguese). Veja. Retrieved 10 January 2015. Zeljko Ivic, o reclamante, alega que Esteves e o BTG lhe prometeram sociedade no banco para recompensar seu trabalho, mas não lhe teriam pago. Que trabalho? Ivic alega que foi pessoa-chave na captação de recursos que o BTG fez junto a nove entidades, incluindo os fundos soberanos China Investment Corporation e GIC e as famílias uber-líquidas Rothschild e Agnelli.
  55. "André Esteves é processado em Hong Kong por ex-Funcionário" (in Portuguese). Brasil Econômico. 15 May 2014. Archived from the original on 22 January 2015. Retrieved 10 January 2015. Há dois processos iniciados por Ivic sobre o assunto. O primeiro, contra o BTG Pactual Asia, começou no Tribunal do Trabalho e foi transferido para o Supremo Tribunal porque envolvia alegações de fraude e devido à complexidade do caso. Ivic apresentou outro processo diretamente ao Supremo Tribunal para citar os réus no exterior.
  56. Wong, Douglas (15 May 2014). "Esteves, do BTG Pactual, é processado por ex-funcionário" (in Portuguese). Exame. Retrieved 12 December 2014. Ivic está buscando mais de US$ 20 milhões de indenização pelo valor das ações e da parceria prometidas, bem como bônus não pagos, disse seu advogado, Robert Tibbo.
  57. Rizério, Laura (15 May 2014). "Ex-funcionário do BTG de Hong Kong processa André Esteves e pede reparação de US$ 20 mi" (in Portuguese). InfoMoney. Archived from the original on 22 January 2015. Retrieved 12 December 2014. De acordo com o advogado Robert Tibbo, Ivic quer mais de US$ 20 milhões em danos morais, tendo como base o valor das ações e a parceria prometida.
  58. Garvey, Paul (21 May 2014). "Edward Snowden lawyer helps accused insider trader Steven Xiao exploit boats row". The Australian. Retrieved 10 January 2015. In addition to representing Mr Snowden, Mr Tibbo is part of a law suit against billionaire Brazilian Andre Esteves. Mr Tibbo is acting for Zeljko Ivic, who is suing Mr Esteves and his company BTG Pactual for more than $US20 million in damages.
  59. Cuadros, Alex; Cristiane Lucchesi (10 September 2012). "BTG's Esteves Drives 'Better Than Goldman' Rise in Bank's Clout - Bloomberg". Bloomberg L.P. Retrieved 22 January 2015. Esteves has had run-ins with regulators. In three separate cases since 1999, Brazil’s central bank and securities commission alleged Pactual had illegally transferred profits to foreign funds to disguise gains and avoid taxes. Esteves and his partners received warnings in the first two incidents. In the third, he and another partner were ordered to pay a combined settlement of 100,000 reais ($50,000), with Pactual paying another 4 million reais. The case closed in 2007 without any admission of guilt.
  60. Schmidt, Blake; Sabrina Valle (19 June 2015). "Arrest of 'Big Fish' Odebrecht Ups the Stakes in Petrobras Probe - Bloomberg Business". Bloomberg L.P. Retrieved 21 July 2015. Police detained Odebrecht, 46 years old, and Otavio Azevedo of Andrade Gutierrez SA, Friday as part of a coordinated federal operation involving 220 police officers in four states. The strike is the culmination of months of digging by investigators who were convinced that a scheme involving Petrobras insiders and contractors to rake-off vast sums from inflated construction and service contracts had to have the blessings of corporate higher-ups.
  61. Schmidt, Blake; Sabrina Valle. "Odebrecht CEO Wrote Note to Destroy E-Mail, Police Say". Bloomberg L.P. Retrieved 21 July 2015. The head of Brazilian conglomerate Odebrecht SA wrote a note to lawyers with the phrase "destroy rigs e-mail" while he was in jail, police said Wednesday, drawing more attention to the most senior executive detained in a wide-ranging graft investigation. Marcelo Odebrecht, 46, wrote the message that was handed to lawyers and photocopied at the jail as part of a routine search, according to a police statement. The note also mentions "Andre Esteves," which is the name of the billionaire banker who is CEO of Grupo BTG Pactual SA
  62. Kiernan, Paul (20 June 2015). "Moody's Warns About Ratings of Two Brazilian Companies, After Arrest of CEOs". The Wall Street Journal. Retrieved 21 July 2015.
  63. http://www.setebr.com
  64. http://www.bndes.gov.br
  65. www.bloomberg.com https://www.bloomberg.com/news/articles/2012-08-03/btg-pactual-said-to-invest-1-billion-in-sete-oil-rig-operator. Retrieved 4 April 2019. Missing or empty |title= (help)
  66. "Senior Brazilian senator and billionaire CEO both arrested for corruption". The Guardian. Reuters. 26 November 2015. Retrieved 25 November 2015.
  67. Sambo, Cristiane Lucchesi Paula. "BTG's Partners Said to Plan Buying Esteves's Stake After Arrest". Bloomberg.com. Retrieved 2015-11-30.
  68. Galvao, Arnaldo; Marcelino, Francisco; Dezem, Vanessa. "Billionaire Esteves Wins Release From Jail, Under House Arrest". Bloomberg.com. Retrieved 2020-01-17.
  69. Lucchesi, Cristiane; Brice, Jessica; Dezem, Vanessa. "Bank That's a Shadow of Former Empire". Bloomberg.com. Retrieved 2016-04-28.
  70. "Brazil court acquits former BTG Pactual CEO Esteves". Reuters. 2018-07-12. Retrieved 2019-03-26.
  71. "Subscribe to read". Financial Times. Retrieved 2019-03-26. Cite uses generic title (help)
  72. "Gilmar Mendes sugere "ombudsman jurídico" para evitar "imbecilidades"". Metrópoles (in Portuguese). Retrieved 2019-03-26.
  73. "'Quantos estarão na situação desse banqueiro?', questiona Gilmar". Fausto Macedo (in Portuguese). Retrieved 2019-03-26.
  74. "STF corrige erro e arquiva inquérito contra André Esteves". Migalhas (in Portuguese). 2018-12-05. Retrieved 2019-03-26.
  75. "Gilmar Mendes sugere "ombudsman jurídico" para evitar "imbecilidades"". Metrópoles (in Portuguese). Retrieved 2019-03-26.
  76. "Procurador pede absolvição de Lula e André Esteves no caso Cerveró". epocanegocios.globo.com (in Portuguese). Retrieved 2019-03-26.
  77. "Procurador pede absolvição de Lula no caso Cerveró". Fausto Macedo (in Portuguese). Retrieved 2019-03-26.
  78. "André Esteves e Lula são absolvidos no caso Cerveró | Radar". VEJA.com (in Portuguese). Retrieved 2019-03-26.
  79. "Justiça absolve Lula e André Esteves de obstrução em caso Cerveró". Valor Econômico (in Portuguese). 2018-07-12. Retrieved 2019-03-26.
  80. "Defesa de Esteves, absolvido em processo, diz que prisão inicial foi abusiva". Folha de S.Paulo (in Portuguese). 2018-07-13. Retrieved 2019-03-26.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.