São Paulo’s Public Prosecutor’s Office establishes that civil investigation about Qualicorp be initiated

The São Paulo’s Public Prosecutor’s Office has established that a civil investigation to verify Qualicorp’s civil responsibility be initiated. The investigation is related to the indemnity agreement signed between the company and its founder José Seripieri Filho, known as Júnior, totaling BRL 150,000,000.00.
In a letter sent to the Public Prosecutor’s Office, Amec classified the indemnity as a clear act of liberality that, according to the jurist Modesto Carvalhosa, would also constitute “fraud to the law.” In the case of Qualicorp, the board of directors seems to have paid compensation to the executive for fulfilling the fiduciary duties that all of them (board members and officers appointed pursuant to the company’s bylaws) should already meet, as provided for in articles 153 and 155 of the Corporate Law.
According to the article published by Valor Econômico newspaper, in addition to the opening of the investigation, São Paulo’s Public Prosecutor’s Office requested documents to Qualicorp, among which copies of the orders related to the services provided by the consulting firms McKinsey, Spencer, Stuart, and Mercer. When the indemnity agreement was announced, Qualicorp informed to the market that studies conducted by the mentioned consulting firms helped the board of directors in the decision-making process.
The full article is available here.
Click here to read the President Letter 19/2018.