trending Market Intelligence /marketintelligence/en/news-insights/trending/g1iRc5rJoen2YLVbKrH1zA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Brazilian federal court dismisses corruption charges against Joseph Safra

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


Brazilian federal court dismisses corruption charges against Joseph Safra

A Brazilian federal court dismissed corruption charges against banker Joseph Safra originating from an inquiry over alleged bribe payments to government tax officials in exchange for writing off corporate tax debts, Reuters reported.

In a statement, Safra Group said the court's decision precludes "the continuation of the action for lack of just cause and the proceeding ... is now closed."

In March, prosecutors had asked for charges to be brought against the billionaire banker over an alleged bribery payment scheme from 2014 when executives at Banco Safra SA's asset management unit, JS Administração de Recursos, reportedly planned to pay 15.3 million Brazilian reais to federal tax auditors, according to the report. Safra has denied the allegations.

The case against Safra is part of a wider national investigation into tax-fraud allegations involving dozens of Brazilian firms.

As of Dec. 12, US$1 was equivalent to 3.35 Brazilian reais.