By Tatiana Bautzer
SAO PAULO (Reuters) – Manager Esh Capital has asked in an extrajudicial notice to the board of Alliar that the company call an extraordinary meeting of shareholders to discuss allegations made against its executives.
Allegations that company executives had caused losses in transactions with related parties were made in early November by MAM Asset Management, shortly after it reached a 27.3% stake in the company following the purchase of the stake from Patria Investments.
At the time, MAM requested an extraordinary meeting to analyze potential lawsuits against executives who are also shareholders of Alliar. The company has not commented on the allegations.
On November 18, Alliar announced that a group of shareholders, including executives, had closed an agreement to sell their shares for 20.50 reais to MAM Asset Management. At the same time, the manager asked to postpone the convening of the meeting that would discuss potential lawsuits for two months.
Manager Esh Capital, which has a 2.5% stake in Alliar, sent an extrajudicial notification on Wednesday to the company’s board, asking that the meeting to discuss this matter be held.
“MAM Asset has made serious allegations and now it cannot pretend they don’t exist,” Vladimir Timerman, a partner at Esh Capital, told Reuters.
Nelson Tanure, who controls MAM, and representatives of the manager did not comment on the accusations or the request for a meeting. The company also did not comment on the matter, noting only that it communicated to the market the approval of the deal with MAM by the competition defense body Cade. Alliar shares closed at 15.64 reais on Thursday.
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