Brazil Workers Party’s Money Man Sues PT to Get His Money Back

Advertising executive Marcos Valério is taking Brazil’s Workers Party (PT) to court to recover the US$ 38.60 million (93 million reais) that he says the party owes him. Two suits were filed on Friday, August 19, in São Paulo by João Manuel Martin, one of Valério’s lawyers.

The first suit, according to Martin, was filed in Valério’s name, demanding repayment of US$ 190,950 (460,000 reais), referring to an unpaid installment of a loan made to the party, with Valério as cosigner, in 2004. The installment was worth US$ 145,280 (350,000 reais) at the time.


The second suit was filed in name of the firms SMP&B and Graffiti. In this instance, Valério is charging the PT slightly over US$ 38.2 million (92 million reais).


According to his lawyer, the entrepreneur is claiming that, in name of the two firms, he borrowed US$ 22.8 million (55 million reais) from banks at the request of the PT.


In terms of updated values, the debt is now estimated to be worth a little over US$ 38.2 million (92 million reais).


ABr

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Small Brazil Companies That Export Are Few, But on the Rise.

The number of micro and small sized companies in the northeastern Brazilian state of ...

Brazil Finds Bodies from Air France Jet While Waiting for French Submarines

The Brazilian Air Force announced this Saturday night, June 6, that it had found ...

Blue Angel

A financial journalist goes behind the statistics and the capital flows to the effects ...

Inflation Drops and Brazilian Investors Take Their Money

Brazilian issues turned lower on profit-taking, following Thursday’s, July 6, collective rise. Investors focused ...

An US$ 80 Million Steel Deal Between Brazil’s CVRD and Qatar

Samarco, a Brazilian mining company and industry belonging to Companhia Vale do Rio Doce ...

Brazil’s Approach and Help Applauded in Africa

The president of Brazil, Luiz Inácio Lula da Silva, is on a trip to ...

Losing Patience with Lula

Lula and his advisers have resurrected the old “supply-side” and “trickle-down” arguments pioneered by ...

It’s Up to Investors to Avoid Bubble in Bullish Brazilian Market

In an interview in London with Bloomberg Television, Brazil's Central Bank president admitted that ...

Coming Soon to a Theater Near You

Brazil is the 6th largest film market in the world. Still, to be a ...