Brazil’s Cunha Says Holds Assets Abroad, Money Legal: Folha

Brazil’s Lower House President Eduardo Cunha, under investigation for allegations of misconduct, has said assets he holds in Switzerland were derived from legal activities, Folha de S.Paulo reported Saturday, citing an interview.

Cunha said the assets came from when he earned around $2.5 million from a trade venture that sold canned beef and other food staples outside Brazil in the 1980s, according to the report. Cunha said the funds were held in a trust, not a bank account.

Brazil’s house ethics committee on Nov. 5 appointed Congressman Fausto Pinato to lead a probe into accusations that Cunha lied when he said he didn’t have bank accounts outside Brazil. He made the statement during a separate investigation into allegations he took kickbacks from contracts with state oil company Petrobras. If found guilty, Cunha could be removed from Congress.