Collateral Damage – Brazil’s BTG Says Esteves Review Found No Evidence of Corruption

Grupo BTG Pactual, the Brazil investment bank whose billionaire founder Andre Esteves was arrested in November in a corruption scandal, said a four-month review found no evidence to support the allegations.

A special committee of directors and outside counsel “found no basis to conclude that the allegations of misconduct and corruption against Esteves, BTG Pactual or its personnel that were the subject of the investigation are credible, accurate or otherwise supported by reliable evidence,” the Sao Paulo-based firm said Thursday in a regulatory filing.

Prosecutors have accused Esteves, 47, of trying to interfere with the testimony of a former executive of Petroleo Brasileiro SA who was jailed in January as part of a widening bribery probe at the state-controlled oil producer. Esteves, who has denied wrongdoing, has been under house arrest since his release from prison in December.

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