By Brazil Stock Guide — Brazilian environmental management group Ambipar Group (AMBP3.SA) has turned a financial dispute into a criminal investigation after filing a formal complaint that led to a police probe against three former senior executives for alleged corporate misconduct and fraud.
According to a report by Folha de S. Paulo, the company accuses its former CFO João Daniel Piran de Arruda, former executive director Carlos Daniel Braga Coradi, and former investor relations officer Pedro Borges Petersen of crimes including ideological falsification, fraud, administrative abuse, and embezzlement. The inquest is being handled by São Paulo’s Civil Police.
Ambipar claims that, without the knowledge or authorization of its board, the executives made unauthorized changes to foreign-exchange hedge contracts originally signed with Bank of America (BAC). The deals were later transferred to Deutsche Bank (DB), allegedly under terms that exposed the company to excessive market risk.
The disputed transactions date back to early 2023, when Ambipar’s Luxembourg-based subsidiary issued US$750 million in green bonds due in 2031. To hedge currency exposure, the firm had entered into swap agreements that were later altered, allegedly linking the swaps to the bonds’ market price — a move the company says turned a conservative hedge into a speculative position.
As a result, the company faced margin calls totaling more than BRL 200 million, while additional contractual changes raised the risk of cross-defaults that could have triggered up to BRL 10 billion in liabilities.
Ambipar obtained an injunction from the Rio de Janeiro state court to block early debt collection efforts while litigation proceeds. The ruling affects several major lenders, including Deutsche Bank, Santander (SAN), Itaú Unibanco (ITUB4.SA), and Bradesco (BBDC4.SA).
The defense of former CFO Arruda denied wrongdoing, calling the allegations “a case of false accusation,” and said that “fabricated narratives will not withstand evidence.” Ambipar reiterated that it was the victim of misconduct and acted to protect its governance and investors.