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Brazilian billionaire arrested for corruption

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Baku, November 26, AZERTAC

Brazilian police have arrested the ruling party’s leader in the senate and the head of Latin America’s biggest independent investment bank as part of a corruption investigation, according to the Guardian.

Banker André Esteves, the billionaire CEO and controlling shareholder of BTG Pactual SA, was arrested at his home in Rio de Janeiro.

Meanwhile in Brasilia, police arrested a ruling Workers’ party senator, Delcídio do Amaral, 60, a veteran lawmaker who runs the senate’s economic affairs committee and has been key to Dilma Rousseff’s efforts to impose austerity measures.

Amaral is among 50 Brazilian politicians under investigation for allegedly taking bribes in the kickback scandal. His arrest caused national shock – it is the first ever for a sitting senator in the country.

BTG Pactual confirmed the arrest of its chief executive and said the bank would cooperate with the investigation.

Antônio Carlos de Almeida Castro, a lawyer representing Esteves, said the banker “certainly” had not acted to obstruct the investigation.

Last quarter, credit to oil and gas and infrastructure companies, which are the most affected industries in the widening graft investigation, accounted for about 16% of BTG’s loan book. That is the largest exposure among Brazil’s listed traded banks, according to Thomson Reuters data.

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