In yet another twist in the dispute for control of Eldorado Brasil, the São Paulo court determined another victory for Paper Excellence (PE) to take control of the pulp producer.
On Friday, the 21st, judge José Benedito Franco de Godoi, of the 1st Reserved Chamber of Business Law of the São Paulo Court of Justice (TJ-SP) revoked the injunction that prevented the immediate transfer of shares held by J&F Investimentos to the company minority interest and determined that the arbitral tribunal be informed of the decision.
The judge’s decision revoked the injunction granted by him at the end of September, after a request for guardianship made by the Batista brothers’ holding company.
After the decision, the Indonesian company intends to resume Eldorado’s expansion plans, with an investment of R$ 10 billion, according to the CEO of PE Brasil, Claudio Cotrim. The project has been on hold since the Batista brothers’ holding company decided to sell its shares and remained suspended during the legal dispute between the partners.
“Our focus now will be to quickly integrate and operate Eldorado as a Brazilian unit of Paper Excellence. We will also resume our plans to build a new production line in Mato Grosso do Sul,” said Cotrim.
In a statement, J&F stated that it “will continue to defend its right to void an arbitration award tainted by espionage, which has already resulted in the indictment of the highest executives of Paper Excellence and their subordinates, in addition to the failure of the duty of disclosure and signs of corruption”. “This is an order of a precarious nature, and that J&F is confident that it will be reviewed”, added the company.
