Olacyr de Moraes, known in Brazil as the “soy king” before his $1.2 billion group fell into decline in the 1990s, has died. He was 84.
He died this morning in Sao Paulo, according to the press office at Albert Einstein Hospital. Moraes’s Facebook page, which also confirmed the death, said he had been battling pancreas cancer.
Moraes began his career in the 1950s, when at the age of 19 he started a cargo-transportation company, according to his bio on his website. He started crop producer Itamarati Agro Pecuaria in 1973 that later expanded into the financial and construction industries.
The term ’soy king’ was coined in the 1980s as he became the biggest individual soy producer in the world. His net worth had fallen to about 29 million reais ($9.32 million), Veja magazine reported in April last year.
News website G1 reported his death earlier today.