Financial institution claims that Alexandro Broedel benefited from a consultancy, which was maintained by him in partnership with Eliseu Martins, professor at USP
Alexandro Broedel, former financial director of Itaú, is charging R $ 15.4 million from the bank, as remuneration “due and not paid”. The information is from Portal Metrópoles. The amount was presented by Broedel’s defense to justice in the case where he is accused of alleged conflict of interest and fraud by Itaú. The process became public at the end of 2024, with two actions ongoing. The financial institution claims that Broedel benefited from a consultancy, which was maintained by him in a company with Eliseu Martins, professor at the Faculty of Economics, Administration and Accounting at the University of São Paulo (USP) and renowned accountant.
The bank charged R $ 10 million Broedel and Martins, added the processes. According to Itaú, these amounts were irregularly paid to two accounting experts hired to provide services. Broedel’s defense denies and argues that action was filed “for the most futile of the reasons: the despite.” According to him, the reason would be retaliation for the decision to transfer to Santander, in the position of Global Accounting Director in Spain, which did not happen. The Portuguese Manuel Preto took over the post after the scandal was reported.
In short, the former director states that Itaú refuses to pay “remuneration for the bonuses of periods actually worked” in the amount of R $ 15.4 million. This amount would include amounts due before Broedel reported his departure from the bank in July 2024 to move to Spain. The bonuses of the former Itaú executive were paid 30% in cash and 70% in preferred shares, with the payment of shares taking place in at least three years, a common method in financial institutions.
Broedel requires the payment of old and proportional amounts until mid -year, claiming to have met the requirements for dismissing high employees, including the dismissal of the Garden Leave. In addition to the financial issue, Broedel’s defense disputes Itaú’s accusations, stating that the bank has known the company between former director and Professor Martins at Broedel Consultores since 2012. It also claims that Broedel has not approved by Martins’s opinion and consulting payments, presenting messages with an Itaú director who quotes the contract.
Broedel’s lawyers also claim that the relationship between him and Martins was beneficial to Itaú, because the bank saw no conflict of interest, but a “predicate” that generated “incalculable results” in the “construction and defense of accounting theses that reduce the taxes paid by Itaú”.
Broedel accuses Itaú to break his bank secrecy by exposing information from his accounts and Martins in court documents and on the bank’s website. He also mentions a supposed pressure from the bank on Martins, who would have led to an agreement in May between the USP and Itaú teacher. Broedel suggests that the bank “chased Martins’ sons, involving them in criminal proceedings and using an influence to be fired from Insper to press Martins and take him to the agreement. The institution denied the resignation.
Itaú, in turn, “reiterates that the lawsuit filed against Alexsandro Broedel is based on facts duly proven in the file, not being motivated by conjectures or any type of retaliation.” The bank states that “it was unaware of the existence of a de facto society between the former financial director and Eliseu Martins”, as Broedel had denied any relationship with suppliers or business partners in an annual compliance form.
Itaú maintains that “such a statement was denied by Eliseu Martins’ later confession, who admitted to passing 40% of the amounts paid to Care Consultors – a company of which he and his son, Eric Martins, are partners – directly to Alexsandro Broedel, who was responsible for requesting the opinions and approving the payments, including those hired by Itaú Unibanco himself”.
The bank “reaffirms that its robust policy and process ecosystem and compliance processes remain righteous and that there has been no internal flaws in this regard,” reiterating that “ethics is an unenforceable value for Itaú Unibanco, so we do not tolerate and not tolerate any deviation of conduct.”
*Report produced with the aid of AI
Posted by Fernando Dias
