Guedes Secretary wins bid and receives his investment funds 4 billion Rls from BNDES
2 min read
A member of the economic team was eligible for his investment funds to bid for R$4 billion in BNDES
247 – After it was revealed that Economy Minister Paulo Guedes was hiding an account in a tax haven in the British Virgin Islands, another named member of the economic team shared irregular earnings. Two investment funds linked to the Special Secretary to remove bureaucracy at the Ministry of Economy, Cayo País de Andrade, were qualified in a R$4 billion tender promoted by BNDES, a public bank affiliated with its private portfolio.
According to a press report State of Sao PauloOne of the trusts is run by the minister’s wife, businesswoman Margot Greenman. The other company was under the control of a company that had Paes de Andrade on its board of directors, but, despite being selected, did not complete the agreement with the public bank.
The BNDES tender transferred R$4 billion to investment funds, which would then lend money to small and micro businesses. The goal was part of a support package for entrepreneurs in the midst of the Covid pandemic.
Also according to the report, the government created the National Program to Support Small and Micro Business (Pronampe) and the Working Capital Program, among others, and investing R$4 billion through investment funds was a strategy to get the resource to market faster.
However, of the 12 funds previously identified, two are associated with Pais de Andrade, who he says did not influence the selection. One of them was BSA FIC FIDC, which is operated by a company whose corporate structure was Finvest Finanças e Investimentos SA. Pais d’Andrade was a member of Finvest’s board of directors until November 5, 2020. At the time of bid submission.
The other fund that won the bid and is related to the Minister of Economy is the Libra Fundo de Investimentos em Direitos Creditórios. This is managed by Captalys Gestão LTDA, with businesswoman Margot Alize Greenman, wife of Pais de Andrade involved. The same secretary was also a partner in Captalys, through a company called BR Ventures.
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