Heirs of billionaire Brazilian banker Safra close to deal, sources say

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SAO PAULO, Oct 7 (Businesshala) – Alberto Joseph Safra and his family are close to a settlement over the will of his father, Brazilian billionaire banker Joseph Safra, to avoid litigation over a fortune of nearly $15 billion, according to two sources. Spoke with knowledge on Tuesday.

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Alberto challenged the will in a New York court in August, seeking medical records to prove his father, who was Brazil’s richest man, died in December 2020 at the age of 82 when he died in 2019. I changed my will for the last time.

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According to a document filed in the court, he argued in court that he inherited, which is disputed by his mother Vicky Safra, the administrator of Joseph Safra’s state.

The Brazilian newspaper O Estado de S Paulo was the first to report the ongoing talks between Alberto and his family.

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Alberto and his siblings declined to comment on this and other financial matters.

Alberto resigned from the board of directors of Banco Safra in November 2019 following a dispute with his younger brother David.

Alberto said at the time that he would launch his own bank, ASA Bank. But Alberto reviewed his plans and instead opened an asset manager, ASA Investments.

Alberto disagreed with the dividend policy at the family’s holding company, before challenging his father’s will in court.

According to the minutes of the shareholders’ meeting held in May by J.Safra Holding S.A., a family that controls commercial buildings and other non-financial enterprises, Alberto disagreed with the distribution of dividends at minimum levels.

The holding company paid 80,000 reais ($14,560.00) on a profit of 85 million reais. Alberto voted against it.

($1 = 5.4945 reais)

Reporting by Carolina Mandal and Tatiana Botzer; Editing by Edmund Blair


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