Former BTG CEO Esteves Released From Jail by Brazilian Supreme Court

23 Dec 2015 | Author: | No comments yet »

BTG’s Swiss Bank BSI Hires Irish Central Bank Deputy Governor.

Andre Esteves, the billionaire founder of Grupo BTG Pactual SA, won his release from jail three weeks after being arrested in connection with a corruption probe in Brazil.

The former head of Brazil’s largest independent investment bank will be required to surrender his passport and remain under house arrest but will not have to wear an electronic collar, a person familiar with the matter said, reports Joe Leahy in São Paulo.Gerlach, a dual Swedish-Swiss citizen, will become BSI chief economist in January, reporting to the bank’s incoming chief investment officer, Yves Bonzon, he said in an interview. The billionaire banker was placed under preventive arrest last month for allegedly participating in a scheme to obstruct an investigation into a multi-billion dollar corruption scandal at Petrobras, the state-owned oil company. Esteves, BTG’s former chairman and chief executive officer, must remain at home until he finds a new job, the press office of Brazil’s supreme court said Thursday in Brasilia.

His release on bail is a positive sign for the banker, whose arrest sent BTG’s shares plummeting and forced the bank to take measures to protect its liquidity. The court did not immediately confirm whether Mr Amaral would remain in jail pending further investigations but local media said he had not been granted bail. Gerlach, who joined Ireland’s central bank as one of two deputy governors four years ago, said in September he would leave by end of the year to return to Switzerland.

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. Amaral remains in jail, the court’s press office said, adding that the timing of Esteves’s release will depend on when the jail receives the judge’s decision. To boost liquidity and calm investors, BTG put assets up for sale, including a 2.38 billion-real ($613 million) stake in hospital-chain Rede D’Or Sao Luiz SA and a portfolio of loans.

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