Grupo BTG Pactual SA founder Andre Esteves wasn’t the only one breathing a sigh of relief after he was released from Brazil’s notorious Bangu penitentiary after 23 days. The company’s bonds stabilized.
On Dec. 17, Brazil’s Supreme Court decided to release Esteves, who had stepped down as the investment bank’s chairman and chief executive officer after his arrest on suspicion of trying to obstruct a nationwide corruption probe focused on oil producer Petroleo Brasileiro SA. The billionaire, who has denied wrongdoing through his attorneys, must remain under house arrest at his home in Sao Paulo.
BTG’s efforts to boost liquidity also have eased investor concerns. It put assets up for sale and secured a credit line of 6 billion reais ($1.52 billion) from the nation’s privately sponsored deposit-guarantee fund.