André Esteves Explained

André Esteves
Birth Name:André Santos Esteves
Birth Date:12 July 1968[1]
Birth Place:Rio de Janeiro, Brazil
Alma Mater:Federal University of Rio de Janeiro
Occupation:Businessman, investor, philanthropist
Chairman and Senior Partner, BTG Pactual[2]
Boards:Conservation International[3]
Inteli
Council on Foreign Relationsi
Spouse:Lillian Esteves[4]
Children:3

André Santos Esteves (born July 12, 1968) is a Brazilian billionaire businessman. Among Brazilian billionaires, Esteves is ranked sixth with a net worth of US$5.4 billion, according to Forbes, as of July 2024.[1] He currently serves as senior partner and chairman at BTG Pactual,[5] the biggest investment bank in Latin America. As a philanthropist he is a board member of Conservation International, Inteli and Council on Foreign Relations.[6]

In 2015, Esteves was accused of obstructing justice. In July 2018, after the Federal Public Ministry declared his innocence, he was acquitted by the Federal Court. At a meeting on April 29, 2022, the shareholders of the bank reappointed Esteves as board chairman.[7] [8]

Personal life

André Esteves was born into a middle-class family in Rio de Janeiro,[9] and obtained his bachelor's degree in computer science from the Federal University of Rio de Janeiro.[1] Esteves has three children, and The New York Times writes that "he has driven the same Mercedes pickup for four years and takes only two weeks of vacation a year", though he also owns a Dassault Falcon private jet worth US$50 million.[9] [10] [11] When interviewed about his downtime, "Esteves professes a love of his job, though he also enjoys cinema, wine and good food."[12]

Career

After graduating from the Federal University of Rio de Janeiro, André Esteves joined Pactual and within "a year he was a member of the bank's foreign debt trading team, and within two he was managing IPOs and M&A deals."[13] In 1992, Esteves made a partner for helping the bank "to post a 59 percent return on capital".[13] UBS purchased Pactual in December 2006,[13] and in June 2008, Esteves left the bank along with key Brazilian partners[14] to create BTG, a global investment company. In April 2009, Esteves, along with other partners, purchased Pactual back from UBS for US$2.5 billion.[13] He discussed these events an interview for the Creating Emerging Markets project at the Harvard Business School.[15] Esteves arrives at his office as early as 6:30 AM and "often calls partners together for meetings as late as 10:00 p.m."[16] He also holds regular study meetings with BTG Pactual directors at his home.[17]

Philanthropy

James Crombie of LatinFinance writes that "Esteves supports education and environmental charities". In addition, André Esteves is a member of the Global Board of Advisors of the Council on Foreign Relations. He has also supported initiatives, projects, and institutions that aim to improve education, healthcare, and promote the arts in Brazil. Institutions like the Universidade de São Paulo, the "Hospital de Câncer de Barretos" and the Museu de Arte Moderna de São Paulo are among those supported by Esteves.

In April 2020, Esteves and other partners of BTG Pactual announced a donation of 50 million Brazilian reais for COVID-19 pandemic combat projects in Brazil.[18]

Environment

Esteves is also known for his pro-environment activities, most of them in private. He is a board member at Conservation International[19] and played an active role supporting the Amazonia Live program, a project to plant one million trees,[20] in partnership with one of the biggest music festivals of the world, Rock in Rio.[21]

He is part of the 5P Alliance,[22] a group of entrepreneurs, bankers, and doctors who are working on their own to ensure the conservation of the Pantanal biome by acquiring farms in the region to preserve them. The goal is to create large ecological corridors and keep the biome as the most preserved in the country. André Esteves is the owner of Fazenda Rio Negro, which in 2001 was granted the title of Private Natural Heritage Reserve (RPPN) by the government of Mato Grosso do Sul for having several endangered species such as the giant otter, the marsh deer, and the hyacinth macaw. The property was also a filming location for the Brazilian TV series Pantanal.[23]

Inteli

In 2021, he founded the Institute of Technology and Leadership (Inteli) with Roberto Sallouti, with the aim of providing higher education for students in the field of Technology, with emphasis on Computing, Business, and Leadership. Esteves and his family sponsored the initiative with a donation of US$38 million.[24]

Esteves Hall

André Esteves made a significant personal donation to Harvard Business School, in order to renovate the former Baker Hall, located on the campus of Harvard University; now renamed as Esteves Hall, in honor of him.[25] This Harvard dormitory is used by the School's Executive Education programs, which annually attract some 10,000 executives from around the globe, many from Esteves' home country, Brazil.[26]

Prizes

BTG Pactual

See main article: BTG Pactual. BTG Pactual, bank in which André Esteves is chairman and senior partner,[39] offers advisory services in merger transactions and acquisitions, equity, debt underwriting, asset management, wealth management, sales and trading, loans and financing (corporate lending) and fund management for clients including corporations, financial institutions, governments and high-net-worth people.[40]

Approximately 70% of the company is owned by its partners, fostering an alignment of long-term interests with its stakeholders.[41] [42] The bank is also active in proprietary investments (both class of net assets as of non-liquid assets). It is recognized as one of the leading investment banks in emerging markets, the largest independent investment bank and the largest asset manager in Brazil.[43]

Controversy

Insider trading

In April 2012, André Esteves was fined €350,000 for insider trading in Italy and officials "also froze €4.2 million of Mr. Esteves's personal assets and barred him from acting as an officer in an Italian company for six months."[44] [45] Italy’s Consob did this because, they said, that "the 43-year-old Latin American banker bought the shares in November 2007 knowing that the group was planning to enter a joint venture with Brazilian rival JBS."[46] This case was closed and there was no impact to the public offering. In 2012, penalties for André Esteves' insider trading "force[d] the bank to amend its prospectus, give investors the option to reconsidering bids for BTG shares, and put a cloud over one of this year's highest-profile bank deals."[47] [48] In "a statement, BTG Pactual said Esteves believed the allegations had no merit and was determined to appeal the decision."[49] However, Esteves did not appeal, citing cost and a loss of time as his reasons.[32][50]

Pactual sale to UBS then BTG

Arthur Rutishauser in Sonntagszeitung argued that the way Esteves acquired 27% of his bank is an example of an insider case: Esteves sold the bank in 2006 for 3.1 billion SFr to UBS, where Huw Jenkins was a key decision maker and heavily involved in that transaction.[51] Esteves later repurchased Pactual back in 2009 for 2.5 billion SF after being allowed to leave UBS to set up BTG.[51] Huw Jenkins was ejected from UBS in 2007, then resurfaced as a senior partner and board member at BTG Pactual in 2010.[52]

Lawsuit in Hong Kong by ex-employee

CEO of BTG Pactual André Esteves, and member of the board of directors Huw Jenkins reportedly "made fraudulent misrepresentations to get Zeljko Ivic to sign agreements with Banco BTG Pactual SA, according to a lawsuit filed with the Hong Kong High Court."[53] [54] Robert Tibbo, Zeljko Ivic's attorney, said that Zeljko Ivic played a key role in Banco BTG Pactual SA's initial public offering (IPO).[55] Ivic is suing[56] for $20 million USD compensation for the BTG Pactual shares, promised partnership and unpaid bonuses.[57] [58] [59]

Involvement in Sete

On 19 June 2015, Marcelo Odebrecht, CEO of Brazil’s largest construction company, was arrested by Brazilian Federal Police on allegations relating to contracts with rigs company and state oil company Petrobras. While in detention, Odebrecht attempted to pass a handwritten note to his lawyers mentioning André Esteves, implicating BTG Pactual and him in Lava Jato.[60] [61] [62] Sete Brasil had seven investors, the pension funds: Petros, Previ, Funcef and Valia, besides the banks Santander, Bradesco and BTG Pactual, and the state oil company Petrobras.[63] In the first quarter of 2015, BTG Pactual recorded a provision for the impairment to the investment equivalent to approximately 25% of its book value, which had a gross negative impact on revenues of R$280 million.[64]

Arrest and release

On 25 November 2015, Esteves was arrested as part of a scandal investigation into Petrobras and his bank's dealings with the oil company.[65] Three weeks later, on December 17, 2015, Esteves was released from prison. BTG's bonds and shares subsequently increased. Esteves had to remain at home until he found employment, the Brazilian supreme court said in a statement. Judge Teori Zavascki ruled that Esteves could not have any management role in any of the companies being investigated as part of the corruption probe. The names of those companies were kept sealed. Shares of BTG rose 7.7 percent to 15.62 reais at 3:55 p.m. in Sao Paulo, after gaining as much as 12 percent. The company's $1 billion of notes due 2020 rose 3.1 cents to 72.15 cents on the dollar. Esteves’s attorneys argued that he was only arrested because he's one of the wealthiest people in Brazil, according to court documents filed this month with the supreme court.[66]

On 27 April 2016, a smiling Esteves addressed employees at Grupo BTG Pactual’s headquarters. The bank confirmed in a statement that he would be a senior partner, advising on strategy and the development of activities and operations. In his remarks, Esteves denied wrongdoing. Brazil's high court lifted that order, and Esteves’s lawyer, Antonio Carlos de Almeida Castro, said by text message that the billionaire is free of all charges and can return to the office.[67]

Full vindication

Considered already one of the biggest judicial errors in Brazil, Esteves has been fully vindicated and acquitted of all charges.[68] [69] In June 28, 2017, the Chief Justice of the Brazilian Supreme Court, Gilmar Mendes, referred André Esteves' case during the plenary session of the Supreme Court, "This is a fact of which we are witnesses. I must praise the loyalty that Minister Teori Zavascki also had with this case, when he verified this is a clear case of unequivocal judicial error, about which no one speaks because only success is spoken."[74] Minister Sepúlveda Pertence was arguing and used the following expression: 'I am facing a scabrous case of judicial error'. Minister Zavascki convinced himself and decided monocratically. "How many may be in the same situation as Esteves?"[70] [71] [72]

On September 1, 2017, the Federal Prosecution Service says it has not found evidence that Esteves committed the crime of obstruction of justice. "André was improperly involved in this process, the instruction proved this completely," said Antônio Carlos de Almeida Castro, Esteves's lawyer, on the request for acquittal.[73] [74] On July 12, 2018, Judge Ricardo Leite of the 10th Federal Court of Brasilia acquitted Esteves of the accusations of obstruction of justice for confirmation that there was insufficient evidence to corroborate the allegations.[75] [76] Following the acquittal, Esteves' lawyers stated that "they respect the duty of the State to investigate, however, any investigation must be conducted within due process of law, without spectacularization and without excesses. In this case, Esteves' initial arrest was completely unnecessary and abusive."[77]

Notes and References

  1. Web site: Forbes profile:Andre Esteves . . 19 July 2024.
  2. News: Brazil's BTG Pactual Says André Esteves to Return as Senior Partner. The Wall Street Journal. 27 April 2016. 17 January 2020. Dickerson. Marla.
  3. Web site: Board of Directors. Conservation International. 17 January 2020.
  4. Web site: Building a Better Brazil. Nitin Nohria . Sal Khan . 1 June 2013. Harvard Business School. 10 January 2015. A gift from André Esteves (pictured here with wife Lilian) will improve an Executive Education residence hall—a space increasingly used by program participants from Brazil..
  5. News: 2022-02-16 . UPDATE 2-BTG Pactual founder Esteves seeks to return as chairman . en . Reuters . 2022-05-09.
  6. Web site: Board of Directors. www.conservation.org. en. 2020-01-23.
  7. Web site: After 7 years, André Esteves officially returns to the command of BTG - News Bulletin 247 . 2022-05-09 . News Bulletin . en-US.
  8. News: 2022-02-16 . Billionaire Esteves Seeks to Retake BTG Role Lost in Scandal . en . Bloomberg.com . 2022-05-09.
  9. Web site: An Investment Banker's Fortunes Rise With Brazil's. Downie. Andrew. 28 September 2011. The New York Times. 6 January 2015. The son of a lower middle-class family from the gritty north side of Rio de Janeiro, Mr. Esteves joined the Rio office in 1989 at 21 as a systems analyst..
  10. Web site: An Investment Banker's Fortunes Rise with Brazil's. Downie. Andrew. 28 September 2011. The New York Times. 6 January 2015. Still, he has driven the same Mercedes pickup for four years and takes only two weeks of vacation a year..
  11. Web site: Fucs. Jose. Da Tijuca para o mundo. revistaepoca.globo.com. Epoca. 17 January 2015. Seu jato particular, um Dassault Falcon 7X avaliado em US$ 50 milhões, é uma ferramenta de trabalho.. pt. 27 April 2012. https://web.archive.org/web/20140220055423/http://revistaepoca.globo.com/vida/noticia/2012/04/da-tijuca-para-o-mundo.html. 20 February 2014. dead.
  12. Crombie. James. March 2011. The Humble Billionaire. LatinFinance. 217. Asked about downtime, Esteves professes a love of his job, through he also enjoys cinema, wine and good food. "I personally have a lovely family and I take my children every day to school, so it's a simple life: work and family," says banker. "We have fun here," he add. Esteves has three children, aged 12, nine and five..
  13. Book: Mitchell, Jason . Brazil's Goldman . October 2010. Institutional Investor. 68. BTG Pactual reflects Brazil's ascent in the world. Esteves, an only child, was brought up in Tijuca, a middle-class neighborhood of Rio de Janeiro. He studied computer science at Rio's Federal University. Upon leaving university in 1989, he joined Pactual, an investment banking boutique founded by banker Luiz Cezar Fernandes six years earlier. Although hired as a mere intern to fix back-office computers, Esteves' drive was evident from the start: He used to sleep in Pactual's office in the modest Lapa neighborhood of Rio de Janeiro so that he could get more work done. Within a year he was a member of the bank's foreign debt trading team, and within two he was managing IPOs and M&A deals. In 1992 his trading skills helped the bank to post a 59 percent return on capital. In recognition he was made a partner the following Winning, indeed. Pactual profited enormously from Brazil's economic takeoff this decade, and in 2006 it became a highly prized target of UBS, the Swiss bank then jockeying for a global investment banking leadership. That December, UBS bought Pactual for $2.6 billion plus a $500 million retention package for some 80 employees, including Pactual's 33 partners. The deal made Esteves, who owned a 30 percent stake in Pactual, a very wealthy man..
  14. Web site: André Esteves Pushes Brazil's BTG Pactual Into Front Ranks of Investment Banking. Institutionalinvestor.com. 2015-10-05.
  15. Web site: Interview with André Esteves . Creating Emerging Markets . Harvard Business School.
  16. Book: Mitchell, Jason . Brazil's Goldman . October 2010. Institutional Investor. 68. "I am no longer as poor as I used to be, but I am still hungry and desperate to get richer." Esteves doesn't sleep at the office these days, but he does log long hours. He usually arrives as early as 6:30 a.m. and does not leave before 8:00 p.m. He often calls partners together for meetings as late as 10:00 p.m..
  17. News: BTG's Esteves Drives 'Better Than Goldman' Rise in Bank's Clout. Bloomberg L.P.. 17 January 2015. 10 September 2012. Every Sunday, he invites executives to his home to order pizza and debate deals.. Alex Cuadros . Cristiane Lucchesi . Bloomberg.com.
  18. Web site: 2020-04-01 . Bancos anunciam R$ 100 milhões em doações para a campanha contra o coronavírus . 2023-04-27 . Folha de S.Paulo . pt-BR.
  19. Crombie . James . April 2011 . The Humble Billionaire . . 217 . Asked about downtime, Esteves professes a love of his job, through he also enjoys cinema, wine and good food. "I personally have a lovely family and I take my children every day to school, so it's a simple life: work and family," says banker. "We have fun here," he add. Esteves has three children, aged 12, nine and five..
  20. Brazilian Biodiversity Fund . Funbio Annual Report 2016 . 16.
  21. Web site: 2018-03-21 . Lilian e Andre Esteves recebem Pearl Jam para almoço em prol da Amazônia – Glamurama . 2019-03-26 . Segredos dos Famosos . pt-BR.
  22. Web site: 2022-09-19 . Empresários compram terras para formar 'corredor' de preservação no Pantanal . 2023-07-20 . Exame . pt-br.
  23. Web site: 2022-10-07 . Mais de 100 anos e 7 mil hectares: conheça 'a fazenda de Zé Leôncio' onde 'Pantanal' foi gravada . 2023-07-20 . G1 . pt-br.
  24. Web site: 2021-04-07 . Sócios do BTG lançam instituto tech inspirado em Stanford e no MIT . 2023-04-27 . Exame . pt-br.
  25. Web site: Building a Better Brazil. Khan. Sal. Nitin Nohria. 1 June 2013. Harvard Business School. 10 January 2015.
  26. Web site: Andre Esteves to Speak Tomorrow at Latin American Conference at Harvard Business School. 8 March 2013. Harvard Business School. 10 January 2015. Esteves, a member of Harvard Business School’s Latin America Advisory Board, has also made a significant personal donation to Harvard Business School to renovate Baker Hall, a residence hall built in 1969 and used by the School’s Executive Education programs, which annually attract some 10,000 businesspeople from around the world, a significant proportion of them from Brazil..
  27. Web site: Moreira . Cláudia . 2023-05-05 . André Esteves é homenageado como Empresário do Ano e recebe a medalha bicentenário Visconde de Mauá . 2023-07-20 . ACRJ . pt-BR.
  28. Web site: Gala Dinner and Personality of the Year Awards 2014. 2015-06-10.
  29. Web site: Entrepreneur of the Year 2011: André Esteves . dead . https://web.archive.org/web/20151222102017/http://economia.terra.com.br/istoe-dinheiro/videos/empreendedor-do-ano-2011-andre-esteves,393284.html . 2015-12-22 . 2015-12-17.
  30. Web site: André Esteves is the entrepreneur of the year in finance . 2015-12-17.
  31. Web site: Guilherme Barros Blog » With Lula video, André Esteves will be honored today as Person of the Year by the Chamber of Commerce Brazil - United States. 2015-06-10. https://web.archive.org/web/20151007091758/http://guilhermebarros.istoedinheiro.com.br/2012/05/17/com-video-de-lula-andre-esteves-sera-homenageado-hoje-como-personalidade-do-ano-pela-camara-de-comercio-brasil-estados-unidos/. 2015-10-07. dead.
  32. Web site: Brazil Leaders Award recognizes today the big names in the country - EXAME.com . dead . https://web.archive.org/web/20151219201742/http://exame.abril.com.br/negocios/releases/premiolideresdobrasilreconhecehojeosgrandesnomesdopais.shtml . 2015-12-19 . 2015-06-10.
  33. Web site: The 10 most influential bankers of the world by Bloomberg. 2015-06-10. Juliboni. 11 September 2012 .
  34. Web site: Value announces prominent executives in 23 sectors of the economy. 2015-06-10. https://web.archive.org/web/20151007074919/http://www.aberje.com.br/acervo_not_ver.asp?ID_NOTICIA=8698. 2015-10-07. dead.
  35. Web site: With your feet on the real economy. 2015-06-10.
  36. Web site: Brazilian billionaire is voted one of the 10 most influential bankers of the world. 2015-06-10.
  37. Web site: Person of the Year 2015. 2015-06-10. https://web.archive.org/web/20150929183431/http://www.latinfinance.com/Award/3434915/Person-of-the-Year-2015.html. 2015-09-29. dead.
  38. Web site: André Esteves 's BTG Pactual Brazil Pushes Into Front Ranks of Investment Banking. 2015-06-10.
  39. News: 2022-05-20 . 'Back to where he never left': founder of Brazil's BTG Pactual returns to fold . Financial Times . 2023-04-27.
  40. Web site: BTG Pactual founder plots return as chairman . 2022-05-09 . www.latinfinance.com . 17 February 2022 . en.
  41. News: Pooler . Michael . 2022-05-20 . 'Back to where he never left': founder of Brazil's BTG Pactual returns to fold . Financial Times . 2023-07-26.
  42. Web site: ENFOQUE-Próximo de voltar a ser controlador do BTG Pactual, Esteves comanda o banco sem cargo oficial . 2023-07-26 . Terra . pt-BR.
  43. News: 2022-07-27 . One Of The World's Richest Bankers Wants Latin America Dominance . en . Bloomberg.com . 2023-04-27.
  44. Web site: Italy Fines Bank CEO Ahead of Brazilian IPO. Lyons. John. Gilles Castonguay. 16 April 2012. The Wall Street Journal. 10 January 2015. André Esteves, the chief executive and controlling partner of Brazilian investment bank BTG Pactual, was hit with a €350,000 ($458,000) fine for alleged insider trading by Italy's markets regulator Monday, just weeks before the Brazilian bank's $2.3 billion public share offering. Italy's Consob markets regulator alleged Mr. Esteves used his personal account in 2007 to trade in securities of Italian meat processor Cremonini, which was in talks for a joint venture with the Brazilian meat company JBS SA. Authorities also froze €4.2 million of Mr. Esteves's assets and barred him from acting as an officer in an Italian company for six months..
  45. Web site: BTG Pactual Chief Fined Over Insider Trading. Scott. Mark. 16 April 2012. The New York Times. 10 January 2015. André Esteves, the chief executive of the Brazilian bank BTG Pactual, was fined 350,000 euros ($457,000) by the Italian financial regulator on Monday for insider trading..
  46. News: BTG chief fined for insider trading. Schäfer. Daniel. Samantha Pearson. 16 April 2012. Financial Times. 10 January 2015.
  47. News: UPDATE 4-Insider trading fine casts cloud over BTG Pactual IPO. 2012-04-16. Reuters. 2019-03-26. en.
  48. Web site: Insider trading fine casts cloud over BTG Pactual IPO. Silvia Aloisi. Steve Slater. 16 April 2012. Reuters. 10 January 2015.
  49. Web site: BTG Pactual chief Andre Esteves fined €350,000 for 'insider dealing'. Russell. Jonathan. 16 April 2012. The Daily Telegraph. 10 January 2015. Since the statement was put out Mr Esteves has been fined. He plans to appeal the action..
  50. Web site: Annual Shareholder's Meeting. 27 March 2014. BTG Pactual. 22 January 2015. Mr. André Santos Esvetes hereby declares, for all legal purposes, that in the last five years he has not been subject to the effects of any felony convictions, penalties applied by the CVM in administrative proceedings or final and unappealable decisions, either in legal or administrative proceedings, which would prevent him from performing any professional or business activities, except for the proceeding arising from the civil investigation by the Commissione Nazionale per Le Societá e La Borsa – CONSOB, in Europe, related to the improper secondary use of privileged information in the trading of securities issued by Cremonini S.p.A., which was then negotiating a partnership with JBS S.A., executed in 2007, in which the following decisions were taken: (i) the suspension of André Esteves as an administrator of companies regulated by CONSOB; (ii) the freezing of the supposed profits from the securities trading; and (iii) the imposition of a fine. Mr. ESTEVES filed an administrative appeal, which he subsequently withdrew despite his continuing affirmation that the accusations were unfounded, in order to avoid the expense involved in such an appeal, as well as the time lost. It is important to emphasize that the above-mentioned suspension occurred during the analysis of the subsequent appeal. It is also important to note that, due to its nature, this proceeding does not reflect any criminal consequences..
  51. Web site: Die neuen Herren der BSI und ihre Vergangenheit. Rutishauser. Arthur. Sonntagszeitung. de. 10 January 2015. Der grösste Insiderfall – allerdings kein strafbarer, sondern ein cleverer – ist, wie Esteves zu seiner Bank kam, an der er 27 Prozent be sitzt und die er beherrscht. Er verkaufte die Bank 2006 der UBS für 3,1 Milliarden Franken. Zwei Jahre später kaufte er sie für 2,5 Milliarden zurück und brachte sie 2012 für 14 Milliar den Dollar an die Börse. Verantwortlich für den Kauf der Pactual war 2006 der damaligen UBS-Investmentbanking chef Hew Jenkins. Jenkins wur de da mals kurzzeitig zum Chef von Esteves. Es war unter seiner Ägide, als die UBS einen grossen Teil der Schrott-Hypotheken kaufte, die bei der UBS zu den 60 Milliarden Franken Abschreibungen und letztlich zum Eingreifen des Staates führten.. https://web.archive.org/web/20150122080850/http://webapp.sonntagszeitung.ch/read/sz_24_08_2014/wirtschaft/Die-neuen-Herren-der-BSI-und-ihre-Vergangenheit-13163. 2015-01-22. dead.
  52. News: Jenkins. Patrick. Ex-UBS man's key role in Brazil bank. Financial Times. 6 December 2010. 17 January 2015. Like most of those who were ejected from their jobs during the financial crisis, he swiftly disappeared from view..
  53. Web site: André Esteves é processado em Hong Kong por ex-Funcionário. 15 May 2014. Brasil Econômico. pt. 12 December 2014. André Esteves, o bilionário fundador do BTG Pactual do Brasil, foi processado por um ex-funcionário em Hong Kong, que alega que lhe foram prometidas uma parceria e ações por conseguir investidores antes da venda inicial de ações do banco. Zeljko Ivic alegou que o Banco BTG Pactual SA, o presidente e CEO Esteves e Huw Jenkins, um sócio-gerente, fizeram deturpações fraudulentas para que ele assinasse acordos com o banco de investimentos, conforme uma ação judicial apresentada perante o Supremo Tribunal de Hong Kong.. https://web.archive.org/web/20150122081401/http://brasileconomico.ig.com.br/negocios/2014-05-15/andre-esteves-e-processado-hong-kong-por-ex-funcionario.html. 22 January 2015. dead.
  54. News: BTG Billionaire Esteves Sued in Hong Kong by Ex-Employee - Bloomberg. Wong. Douglas. Bloomberg.com. 15 May 2014. Bloomberg L.P.. 10 January 2015. Andre Esteves, the billionaire founder of Brazil’s BTG Pactual, was sued by a former employee in Hong Kong who claims he was promised a partnership and stock for securing investors before the bank’s initial share sale. Zeljko Ivic alleged that Banco BTG Pactual SA, Chairman and Chief Executive Officer Esteves and Huw Jenkins, a managing partner, made fraudulent misrepresentations to get him to sign agreements with the investment bank, according to a lawsuit filed with the Hong Kong High Court. BTG Pactual raised as much as 3.66 billion reais ($1.66 billion) in its 2012 initial public offering. The sale followed a 2010 agreement to sell a stake to a group including China Investment Corp., GIC Pte. and the Rothschild and Agnelli families. Esteves, 45, is worth $4.2 billion according to the Bloomberg Billionaires Index, mostly due to his 22 percent stake in BTG Pactual. Jenkins and Hong Kong-based BTG Pactual Asia Ltd., which has also been sued, will vigorously defend the claims, "which they believe to be baseless and without merit," according to their lawyer Randall Arthur. BTG Pactual doesn’t comment on matters under litigation, the Sao Paulo-based bank said in an e-mail response to queries. Shares of the company fell 0.7% to 32.22 reais at 10:41 a.m. in Sao Paulo. Ivic is seeking more than $20 million as damages for the value of the shares and partnership promised, as well as unpaid bonuses, his lawyer Robert Tibbo said..
  55. Web site: 20-Millionen-Klage gegen André Esteves und Huw Jenkins. 15 May 2014. Fine News. de. 12 December 2014. Der Anwalt von Ivic sagte hingegen, die beiden hätten Ivic etwas vorgespielt. Sein Klient habe eine Schlüsselrolle beim Pactual-Börsengang gespielt..
  56. Web site: André Esteves é processado em Hong Kong por ex-Funcionário. 15 May 2014. Brasil Econômico. pt. 10 January 2015. Há dois processos iniciados por Ivic sobre o assunto. O primeiro, contra o BTG Pactual Asia, começou no Tribunal do Trabalho e foi transferido para o Supremo Tribunal porque envolvia alegações de fraude e devido à complexidade do caso. Ivic apresentou outro processo diretamente ao Supremo Tribunal para citar os réus no exterior.. https://web.archive.org/web/20150122081401/http://brasileconomico.ig.com.br/negocios/2014-05-15/andre-esteves-e-processado-hong-kong-por-ex-funcionario.html. 22 January 2015. dead.
  57. Web site: Esteves, do BTG Pactual, é processado por ex-funcionário. Wong. Douglas. 15 May 2014. Exame. pt. 12 December 2014. Ivic está buscando mais de US$ 20 milhões de indenização pelo valor das ações e da parceria prometidas, bem como bônus não pagos, disse seu advogado, Robert Tibbo..
  58. Web site: Ex-funcionário do BTG de Hong Kong processa André Esteves e pede reparação de US$ 20 mi. Rizério. Laura. 15 May 2014. InfoMoney. pt. 12 December 2014. De acordo com o advogado Robert Tibbo, Ivic quer mais de US$ 20 milhões em danos morais, tendo como base o valor das ações e a parceria prometida.. https://web.archive.org/web/20150122081211/http://www.infomoney.com.br/btgpbanco/noticia/3348557/funcionario-btg-hong-kong-processa-andre-esteves-pede-reparacao. 22 January 2015. dead.
  59. Web site: Edward Snowden lawyer helps accused insider trader Steven Xiao exploit boats row. Garvey. Paul. 21 May 2014. The Australian. 10 January 2015. In addition to representing Mr Snowden, Mr Tibbo is part of a law suit against billionaire Brazilian Andre Esteves. Mr Tibbo is acting for Zeljko Ivic, who is suing Mr Esteves and his company BTG Pactual for more than $US20 million in damages..
  60. Web site: Schmidt . Blake . Sabrina Valle . 19 June 2015 . Arrest of 'Big Fish' Odebrecht Ups the Stakes in Petrobras Probe - Bloomberg Business . 21 July 2015 . . Police detained Odebrecht, 46 years old, and Otavio Azevedo of Andrade Gutierrez SA, Friday as part of a coordinated federal operation involving 220 police officers in four states. The strike is the culmination of months of digging by investigators who were convinced that a scheme involving Petrobras insiders and contractors to rake-off vast sums from inflated construction and service contracts had to have the blessings of corporate higher-ups..
  61. News: Schmidt . Blake . Sabrina Valle . 24 June 2015 . Odebrecht CEO Wrote Note to Destroy E-Mail, Police Say . Bloomberg.com . . 21 July 2015 . The head of Brazilian conglomerate Odebrecht SA wrote a note to lawyers with the phrase "destroy rigs e-mail" while he was in jail, police said Wednesday, drawing more attention to the most senior executive detained in a wide-ranging graft investigation. Marcelo Odebrecht, 46, wrote the message that was handed to lawyers and photocopied at the jail as part of a routine search, according to a police statement. The note also mentions "Andre Esteves," which is the name of the billionaire banker who is CEO of Grupo BTG Pactual SA.
  62. Web site: Kiernan . Paul . 20 June 2015 . Moody's Warns About Ratings of Two Brazilian Companies, After Arrest of CEOs . 21 July 2015 . The Wall Street Journal.
  63. Web site: Home . setebr.com.
  64. News: BTG Pactual Said to Invest $1 Billion in Sete Oil-Rig Operator. Cristiane Lucchesi. Bloomberg.com. 3 August 2012 . 4 April 2019.
  65. Web site: Senior Brazilian senator and billionaire CEO both arrested for corruption . . . 26 November 2015 . 25 November 2015.
  66. News: Billionaire Esteves Wins Release From Jail, Under House Arrest. Galvao. Arnaldo. Marcelino. Francisco. Bloomberg.com. 2020-01-17. Dezem. Vanessa. 17 December 2015 .
  67. News: Bank That's a Shadow of Former Empire. Bloomberg.com. 2016-04-28 . Cristiane . Jessica . Vanessa. Lucchesi . Brice . Dezem. 27 April 2016 .
  68. News: Brazil court acquits former BTG Pactual CEO Esteves. 2018-07-12. Reuters. 2019-03-26. en.
  69. News: Brazilian judge acquits BTG Pactual founder Esteves. subscription. Financial Times. 12 July 2018. en-GB. 2019-03-26. Leahy. Joe.
  70. Web site: 'Quantos estarão na situação desse banqueiro?', questiona Gilmar . 2019-03-26 . Fausto Macedo . pt-br.
  71. Web site: 2018-12-05 . STF corrige erro e arquiva inquérito contra André Esteves . 2019-03-26 . Migalhas . pt-br.
  72. Web site: 19 February 2018 . Gilmar Mendes sugere "ombudsman jurídico" para evitar "imbecilidades" . 2019-03-26 . Metrópoles . pt-br.
  73. Web site: Procurador pede absolvição de Lula e André Esteves no caso Cerveró. epocanegocios.globo.com. pt-br. 2019-03-26.
  74. Web site: Procurador pede absolvição de Lula no caso Cerveró. Fausto Macedo. pt-br. 2019-03-26.
  75. Web site: André Esteves e Lula são absolvidos no caso Cerveró Radar . 2019-03-26 . VEJA.com . pt-BR.
  76. Web site: 2018-07-12 . Justiça absolve Lula e André Esteves de obstrução em caso Cerveró . 2019-03-26 . Valor Econômico . pt-br.
  77. Web site: Defesa de Esteves, absolvido em processo, diz que prisão inicial foi abusiva. 2018-07-13. Folha de S.Paulo. pt-BR. 2019-03-26.

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