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The TRF-1 (Federal Regional Court of Region I) determined this Tuesday (6) to stop the investigations against the Minister of Economy, Paulo Guedes, carried out by the working group of Operation Greenfield, of the MPF (Federal Public Ministry) in Brasilia .
Two investigations were opened against Guedes on suspicion of participation in fraud in the contributions of pension funds linked to state companies in two FIPs (investment funds) created by BR Educacional Gestora de Ativos, a company linked to the minister.
Under the supervision of the lower court, Greenfiled investigated alleged crimes of fraudulent and reckless management. The investigations were revealed by the sheet in 2018.
Suspicious operations were carried out between 2009 and 2013, a period in which the FIPs linked to Guedes received around R $ 1 billion in funds such as Petros (Petrobras), Previ (Banco do Brasil), Postalis (Correios) and Funcef (Caixa Econômica ).
The TRF-1 trial had begun on the 22nd of last month, but a request for a hearing interrupted the analysis, which was resumed on Tuesday by the 3rd Panel of the court, made up of three federal judges. The defense thesis was accepted unanimously. It is possible to appeal.
In a note, lawyers Ticiano Figueiredo and Pedro Ivo Velloso, who defend the minister, affirmed that it was “a victory for society and the right to defense.”
“The TRF decision recognizes the technical elements that have always guided the defense of Paulo Guedes in the process: the funds were profitable and all acts were complete, within the market rules and the highest ethical standard. In fact, in the same terms already recognized by the CVM ”.
Among the arguments, the lawyers pointed out that the CVM (Brazilian Securities and Exchange Commission) concluded that there were no irregularities in the handling of funds under the responsibility, among others, of the current head of the Economy portfolio.
“There is no typicity of fraudulent management or reckless management, which says that this is the CVM, and this is included in the documents of the process,” said federal judge Ney Bello, a reporter on the matter.
Against Guedes’ appeal, the MPF told the court that it is trying to “put under the rug” “multi-million dollar” damage by trying to conduct investigations into his business with state pension funds.
In a document sent to TRF-1, the Greenfield working group stated that the projects executed by a Guedes asset manager between 2009 and 2013 gave investors, in amounts adjusted for inflation, a loss of R $ 360 million.
Had it not been for the misconduct of these businesses, according to the researchers, the pension funds could have made higher profits.
In the document sent to TRF-1, the MPF maintains that the CVM “did not examine, not even superficially”, the merits of the cases, it simply refused to open a procedure to investigate the facts. “It cannot be said that CVM has acquitted the plaintiff.”
Prosecutors also noted that the two investigations do not examine all the requests made by the FIPs, but rather investments in HSM Brasil and Enesa.
They affirmed that, in 2010, the Corporate Governance of FIP Brazil invested R $ 112 million in Enesa shares, sold in 2018 for a symbolic value of R $ 100,000. Adjusted for inflation, the loss would be R $ 287 million.
The researchers pointed out that the Corporate Governance of FIP Brazil has generated losses and that almost all the investment in Enesa Participações has been lost.
In the case of HSM Brasil, Greenfield maintains, the loss in current values is R $ 72 million.
“The loss with the trading of HSM do Brasil shares directly affected the value of the FIP BR Educacional share, although FIP’s investment portfolio (unlike FIP Brasil Corporate Governance) has shown positive results for shareholders,” he says. the prosecutors.
The defense minister stated that he is the subject of an illegal and unproven investigation and that he suffers illegal coercion. “Prosecutors carry out investigative acts in the designated PICs [procedimentos investigatórios criminais], although the most remote possibility of crime has been ruled out, insisting on the prosecution of the facts, “said the defense.
