The former financial director of Itaú, Alexsandro Broedel Lopes, accused of fraud by the Brazilian bank, had his home seized by decision of a judge in São Paulo, according to documents obtained by Bloomberg.
Broedel, who is currently senior vice president of Banco Santander in Madrid, was trying to sell the property, according to Itaú alleged in a court case. The bank stated that the executive may need the house to pay compensation of R $ 3.35 million reais being requested by the financial institution.
Judge Larissa Gaspar Tunala accepted the request and blocked the sale of the property in an emergency decision. According to Brazilian law, such apprehensions can only be ordered if the judge considers that the claim is likely to be valid, said Tunala.
Itaú claims that Broedel omitted from the institution that kept a company with a partner and carried out external activities as a consultant. According to the accusations, he would have hired 40 advice opinions between 2019 and 2024, obtaining improper advantages due to his position in the bank.
The bank also states that it was unable to locate some of these opinions, suggesting that services may never have been provided. In addition, it claims that Broedel would have received 40% of the payments of these activities indirectly and illegally through a third company.
The Brazilian Public Prosecution Service instructed the police to open a criminal investigation against Broedel, the Financial Times Earlier this Thursday (27).
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Broedel, who was a professor at the University of São Paulo (USP) and former director of the Securities Commission (CVM), denied any irregularity and said he will contest the accusations in court.
“Mr. Broedel is a highly respected executive who until July was CFO of Itaú,” said a Santander spokesman. “We are monitoring the developments of the case.”
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Broedel is expected to take over the position of Chief Accounting Office (CAO) of Santander later this year, after receiving the necessary regulatory authorization, the Spanish bank said on Thursday. In December, Santander had announced that he would assume the new role in March.
“There was no change in relation to this person,” said Ana Botín, member of the Santander Council, during the bank conferencing of the bank on February 5. After some organizational changes, the bank postponed Broedel’s appointment to June instead of March, she said, adding that “nothing has changed in the process.”
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