Founder of the financial institution was in his apartment in the capital of São Paulo; At age 80, he leaves behind a wife and 3 children
Edemar Cid Ferreira, founder and former controller of the bankrupt Banco Santos, died at the age of 80 this Saturday (13 January 2024) in his apartment in São Paulo. According to the newspaper Estadão, the businessman died in his sleep. He leaves a wife and 3 children.
The banker became known for collecting works of art in his mansion in Morumbi, in the early 2000s. In 2004, the BC (Central Bank) decreed intervention in Banco Santos upon finding that the institution did not comply with some basic management standards. The bank, which was the 21st largest in the country, declared bankruptcy in 2005
Cid Ferreira and 18 other former directors were denounced by the MPF (Federal Public Ministry) for the crimes of money laundering, gang formation and fraudulent management. The banker was arrested in 2006.
In 2020, the 2nd Bankruptcy and Judicial Recovery Court of São Paulo auctioned the former banker's mansion, which was designed by architect Ruy Ohtake. The estimated value of the property, at the time, was R$78 million. See photos of the mansion:
What Edemar Cid Ferreira's mansion was, what it is today. pic.twitter.com/Ow5LrWSSGy
— Rosana Hermann (@rosana) December 20, 2019
After being evicted from his mansion, the businessman went to live in a 300 square meter apartment in the capital of São Paulo.
The works of art were also auctioned in other processes and used to pay debts left by the bank. Copies by Jean-Michel Basquiat, Henry Moore, Rufino Tamaio and Vik Muniz made up the banker's collection. Together, they totaled around R$13 million, in 2017 values. Part of the works returned to museums. The amount collected was used to pay debts left by the bank with the 2,000 creditors registered in the bankruptcy estate.
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