Just in time for his own IPO…
The billionaire Andre Esteves, managing partner of investment bank Banco BTG Pactual, was fined by Italian stock exchange regulators (Consob) for using privileged information in 2007. Esteves, 43, was fined 350,000 euros and had 4.2 million euros in assets frozen by the Italian authority.
The official statement said Esteves paid 3.4 million euros to buy 1.6 million shares of Cremonini SpA in 2007, after receiving inside information on the eventual partnership between the Italian company and the Brazilian group JBS SA. Esteves maintained professional relationships with members of the family that controls the Brazilian company, the statement said.
The Brazilian banker, who was then at UBS AG, denied that he had “any personal or professional contact” with people “directly or indirectly” involved in the transaction between the two companies.
“Esteves has full conviction that the allegations have no foundation and plans to appeal the decision, “said BTG today in a statement. Sao Paulo-based BTG is preparing an IPO for this year that may raise up to R$4.1 billion.