Decision blocks portion of the enterprise held by the Veríssimo Group for debt payment with Banco Santos
The TJ-SP (São Paulo Court of Justice) determined the seizure of the real estate investment fund responsible for 50% of Shopping Eldorado, located in Pinheiros, in the West Zone of São Paulo. The portion corresponds to the participation of entrepreneurs from the Veríssimo Group.
The decision of the 13th Chamber of Private Law aims to ensure the payment of a debt of R$ 487.2 million by the entrepreneurs with the late Banco Santos. read the full of the decision (2.8 MB).
The measure is a result of a lawsuit filed by the financial institution in 2004 against businessmen João Alves Veríssimo Sobrinho and Adelino Alves Veríssimo. At the time, the debt was R$ 32.4 million.
According to the decision, the businessmen tried to hide their assets and avoid paying creditors through transfers of assets between members of their own families.
“What is denoted is that the debtors constituted such legal entities in order to ‘hide’ their assets, and avoid paying their creditors”said judge Heraldo de Oliveira.
The São Paulo court also blocked other assets belonging to Veríssimo Group entrepreneurs. They can still appeal the decision.
Banco Santos had its bankruptcy decreed in September 2005 by the 2nd Bankruptcy and Judicial Recovery Court of the Judicial District of São Paulo. Creditors’ debt to the institution is managed by the Bankrupt estate of the Bank of Santos.
O Power360 sought contact with the institution’s management for comments on the decision and the amount that will be allocated to creditors, but there was no response until this publication.
Shopping Eldorado was founded in 1981, being the 3rd undertaking of its kind in the city of São Paulo. O Power360also tried to contact the establishment and received no response.
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