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Brazilian court rescinds Andre Esteves' house arrest


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Brazilian court rescinds Andre Esteves' house arrest

Brazil's Supreme Court dismissed the house of former BTG Pactual Group CEO and Chairman André Esteves, accordingto local media reports.

Under the decision, made by Brazil's Supremo Tribunal Federalor STF, Esteves still faces restrictions on foreign travel but is free to returnto BTG Pactual if he wishes.

Esteves was arrestedin November 2015 as part of an investigation into the so-called Lava Jato ongoinginquiry corruption scandal into state-run oil company Petrobras.

The STF's decision came a few weeks after a four-month investigationconducted by an external committeefound no evidence linkingthe bank to various allegations tied to Esteves' arrest.

Following Esteves' release, shares of BTG Pactual jumped duringthe April 26 session, and were trading 6.49% higher at 19.70 reais on the BM&FBovespaas of 1:27 p.m. in Sao Paulo.

As of April 25, US$1 wasequivalent to 3.55 Brazilian reais.