Alleged fraud at a Brazilian retailer sparks a corporate reckoning
The scandal puts three low-key billionaires in the spotlight
Brazilian businesspeople are not easily shocked. In the past decade they have seen two business empires collapse in ignominy. Eike Batista, for a time Brazil’s richest man, lost his ports-to-mines group amid charges of bribery and market manipulation (for which he was briefly jailed). Marcelo Odebrecht, the scion of a construction dynasty, went to prison over the “Big Oily” graft scheme centred on Petrobras, the state oil giant.
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This article appeared in the Business section of the print edition under the headline “Three is a cloud”
Business February 11th 2023
From the February 11th 2023 edition
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