January 17, 2022
Bahian Empire goes to court for family dispute

Bahian Empire goes to court for family dispute

Published on 01/12/2022 at 20:53 Reproduction / Verbasa BNews newsroom

Ferbasa, one of the largest ferroalloy manufacturers in Brazil and the only integrated producer of ferroalloys in the Americas, is the subject of an inheritance battle in the courts. One of the founder’s heirs, Jose Eduardo de Carvalho, is claiming shares in the company that his father, Jose Carvalho, donated to the foundation that bears his name.

The relationship between the heir and the father was never the best, and only got worse after the death of Denis, Jose Eduardo’s sister, in a car accident in 1987, who would be the successor to the founder of the family business, according to the son. In the process, even as Jose Carvalho actually began transferring shares to the corporation in the 1970s.

Still in the process, José Eduardo de Carvalho claims that the son had access to the tax registry and learned about the family’s 2 million R$ will, after his father died in 2015.

company value

Today, Ferbasa has a value of R$ 4.5 billion on the stock exchange and 50.1% of the company’s shares are owned by the José Carvalho Foundation. Funds such as Blackrock, Kadima, Vanguard and Trigono have minority stakes and Jose Eduardo has no shares.

Even in this time of economic erosion caused by the Covid-19 pandemic and other factors, including political ones in Brazil, Ferbasa has accumulated, in the past 12 months, a rate of 122%, very close to the historical mark.

lawsuit

Jose Eduardo had already opened a lawsuit in the year his father died, and it is being processed in court in confidence, and now he has started another lawsuit, after failing to reach an agreement with the company. The two actions question the transfer of shares to the enterprise, and demand its invalidity.

For the heir’s attorney, the lawsuits discuss the illegality of the transfer above what the legislation allows, which would amount to a 50% donation of the estate. They claim that the manner in which the shares were transferred is indicative of a “real company ploy to circumvent the legislation”, in which the shares were partially transferred between the two subsidiaries Crumita and Jacurici.

The amount discussed in the operation is 1.77 billion Brazilian Real.

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