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KKR Said to Write Off First Brazil Deal Amid Aceco Legal Battles

  • KKR starts arbitrations with Nitzan, Staley, General Atlantic
  • KPMG asserts fraud; lawyer says Nitzan trying to save Aceco

On May 11, 2015, Jorge Fergie opened an e-mail from an anonymous sender. Aceco TI, the Brazilian company whose board he led as chairman, had been cooking the books and bribing government officials for years, the sender alleged.

For Fergie, the head of Latin America for private equity giant KKR & Co., it was a stunning claim. KKR had closed a $700 million acquisition, including debt, of the data-center company just 11 months earlier.