Legal troubles are brewing within the Lebanese-Brazillian Safra family with accusations of a member’s stake in a holding company being deliberately diluted.
Alberto Safra accused mother Vicky Safra as well as brothers Jacob and David Safra of engaging in corporate misconduct to damage his interests in a holding company of Safra National Bank, according to a «Reuters» report citing a lawsuit filed in a New York state supreme court.
He claims that the other family members had deliberately diluted his stake in the firm in an effort to oust him from the Safra business.
Legal History
Alberto Safra is the son of Joseph Safra who founded Banco Safra in 1955 before going on to become Brazil’s richest man for many years.
«Because of aggressive illegal acts taken against him by his brothers, Alberto Safra was compelled to file a lawsuit in New York State Supreme Court to protect his rights and interests,» Michael Carlinsky of Quinn Emanuel Urquhart & Sullivan, LLP, who is serving as Alberto’s legal counsel, said in a statement to finews.asia.
«It is unfortunate that David and Jacob Safra chose to take such illegal actions against him. Through this lawsuit, Alberto Safra seeks to vindicate his rights.»
Family Regrets
The younger Safra resigned from Banco Safra's board of directors in late 2019 after a dispute with younger brother David, one year before their father passed away at the age of 82. The family came close to an agreement in 2021 on Joseph Safra's will to avoid litigation over what was valued at $15 billion of wealth at the time.
«[The Safra family] regrets the path taken by Alberto Safra, who first acted against his father in life and now acts against his memory,» according to a statement responding to Alberto Safra’s move.
