André Esteves

The Federal Police summoned André Esteves as a witness in the Banco Master investigation. According to reports, BTG's 2024 due diligence allegedly identified a potential shortfall of several tens of billions of reais and led to exchanges with the Central Bank.

State of the evidence

Documented

Role of the person profiled

Protagonist not prosecuted

The Federal Police searched BTG and addresses linked to Esteves in an investigation into the sale of Petrobras stakes in African oilfields, particularly the discrepancy between initial valuations and transaction prices.

State of the evidence

Documented

Attribution

Directly implicated

Following his acquittal and several years of formal withdrawal from control, Esteves obtained approval from the Central Bank of Brazil to rejoin BTG Pactual's controlling group.

State of the evidence

Documented

Attribution

Directly implicated

A federal judge acquitted André Esteves and several other defendants of obstructing the Lava Jato investigation in connection with the alleged plan to buy Nestor Cerveró's silence.

Legal status — source text

Acquitted / conviction overturned

Attribution

Accused

Course of the proceedings

1. Formally charged — Formal charge before the current outcome

The STF ordered the closure of an investigation (inquérito) in which Esteves was suspected of participating in a criminal organisation linked to PMDB officials in the Chamber of Deputies.

State of the evidence

Documented

Attribution

Directly implicated

Prosecutors examined suspicions that Esteves may have been linked to improper payments surrounding BTG's acquisition of interests in Petrobras's African assets.

Attribution

Directly implicated

A special BTG committee assisted by Quinn Emanuel and Veirano examined allegations concerning Cerveró, Eduardo Cunha, Fernando Collor, Bumlai, Petrobras Africa and Sete Brasil, and stated that it had found no credible basis for the allegations against Esteves or the bank.

State of the evidence

Documented

Attribution

Directly implicated

André Esteves, then CEO and controlling shareholder of BTG Pactual, was arrested on an STF order in an investigation into an alleged attempt to prevent Nestor Cerveró from cooperating with judicial authorities.

Attribution

Accused

His arrest triggered a crisis of confidence at BTG Pactual; Esteves relinquished his management positions and converted his controlling stake into securities without equivalent voting rights, while the bank sold assets and strengthened its liquidity.

State of the evidence

Documented

Attribution

Directly implicated