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Currently, there’s a bit of a storm brewing over at Santander. Their soon-to-be chief accounting officer is caught in a legal whirlwind in Brazil. The situation involves Alexsandro Broedel Lopes, previously a senior figure at Brazil’s largest bank, Itaú Unibanco, who is now under criminal investigation for allegedly misappropriating funds.
Recent documents reveal that Brazilian federal prosecutors have nudged the police to probe into Broedel, following Itaú’s accusations. They suspect that he personally profited from fees paid to an external consultant he had contracted on the bank’s behalf.
As of now, Broedel hasn’t been formally charged. The federal police and prosecutor’s office are keeping mum on any ongoing investigations. Meanwhile, Broedel, who started with Santander in October, is gearing up to step into his new role soon, having already cleared necessary checks from regulators, including the European Central Bank’s rigorous examination for top executives.
The plot thickens as Itaú, in an interesting twist, has filed two civil lawsuits against Broedel and others since late last year. These lawsuits mirror the claims now under police scrutiny. The bank has also flagged these issues to the public prosecutor, which prompted further inquiries.
Despite the legal challenges, Santander stands by Broedel, highlighting his outstanding reputation and preparing to welcome him in his new capacity next year. In a statement to the Financial Times, Broedel’s spokesperson firmly dismissed Itaú’s claims as baseless.
Digging deeper, the allegations suggest Broedel orchestrated a funneling of funds through contracting an external consultant, supposedly pocketing 40% of the fees himself. Itaú alleged the existence of fictitious contracts and missing compliance reports on Broedel’s part.
Broedel’s defense points to these funds as loans from the consultant, yet questions about the circuitous money transfers and undeclared associations linger. The timing of these bad practices reportedly coincided suspiciously with transactions from the bank.
He made a quiet exit from Itaú in July to join Santander and was put on garden leave. However, things took a nosedive when Itaú discovered these severe allegations, leading to his dismissal.
Santander’s board greenlit Broedel’s move way before any whispers of wrongdoing could tarnish his reputation. Interestingly, Broedel’s spokesperson pointed out the consultant had a long-standing history with Itaú, hinting at curious timing for these accusations post-resignation. Broedel plans to fight back legally.
At this stage, the police investigation isn’t a guarantee that this will go to trial; it’s merely a preliminary step. For now, Itaú remains silent on the unfolding drama.
