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Heirs of billionaire Brazilian banker Safra close to deal, sources say By Reuters

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© Reuters. FILEPHOTO: Man walks past Banco Safra SA’s headquarter in Sao Paulo on March 26, 2015. REUTERS/Paulo Whitaker/File Photograph

By Carolina Mandl and Tatiana Bautzer

SAO PAULO(Reuters) – Alberto Joseph Safra’s family is nearing an agreement on the will of Joseph Safra (Brazilian billionaire banker), that would avoid any litigation regarding an estimated $15 billion fortune. Two sources who are familiar with the matter stated Tuesday.

Alberto filed a challenge to the will before a New York Court in August. He sought medical records from his doctor in order to show that his father was not in good health at the time he changed his will.

According to court documents, he claimed that he was disinherited.

Brazilian newspaper O Estado de S. Paulo reported on the negotiations between Alberto’s family and himself.

Alberto, his siblings and others declined to speak on the matter and any other financial matters.

Following a dispute between his younger brother David and Alberto, he resigned as a member of Banco Safra’s Board of Directors in November 2019.

Alberto had stated that he planned to launch his own bank called ASA Bank at the time. Alberto rethought these plans and opened ASA Investments, an asset manager.

Alberto was against the dividend policy in his family holding company, before challenging his father’s will.

Minutes of J.Safra Holding SA’s shareholders meeting in May show that Alberto opposed the distribution at the lowest levels of dividends.

Over a profit totalling 85 million reais, the holding company received 80,000 reais ($14560.00). Alberto voted against it.

($1 = 5.4945 reais)

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