Legal imbrioglio around Starbucks' Brazilian operations continues

José Sette José Sette

José Sette

Consultant

发布日期: 2024年3月6日
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Brazilian press reports that executives of SouthRock Capital, responsible for Starbucks' operations in Brazil, has been accused of larceny and fraud by two large creditors. Ibiuna Investimentos and Travessia allege that three SouthRock executives unlawfully manipulated balance sheets in order to attract a loan of approximately US$15 million. The three executives are: Kenneth Pope, CEO and founder of SouthRock; Fábio Rohr, finance director of the group; and Marcos de Jesus Carvalho, finance director of Starbucks Brazil. In addition, the creditors allege that Mr Pope took out a loan of more than US$4 million from the company, which loan was not duly informed to creditors.

SouthRock states that all these transactions occurred before the filing of protection from creditors and requests that the suit be dismissed. They state that the loan to Mr Pope was an advance on future dividends due to him.

The Public Ministry (equivalent to the District Attorney's office) is weighing whether to press charges.


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