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The IOU of Paulo Maluf | Jersey Court Sets Penalty

Maluf inaugurates the Roberto Marinho bridge

Maluf inaugurates the Roberto Marinho bridge

As the Brazilian culture industry begins to respond to government subsidies and incentives, it would be neat if someone took up the challenge of making a biopic on Paulo Salim Maluf or PFL Senator Antônio Carlos Magalhães.

maluf1

Source: Folha de S.Paulo.
Translation: C. Brayton

A Jersey court has ruled on the amount that current federal deputy Paulo Maluf (PP-SP) must return to the city government of São Paulo in a case involving the diversion of between 1997 and 1998 of public funds: US$28.3 million, equivalent to R$ 57 million at current exchange rates.

The sentence ordering the repayment was handed down on Friday, January 18, in Jersey, a Channel Island off the English coast.

When the court found Maluf guilty on November 16, 2012, the only pending issue was the original value of the assets misued: US$ 10.5 million

Caption: Paulo Maluf photographed at the headquarters of Eucatex, his family business.

The court found that this was the sum of money misappropriated as of February 1998 and corrected the sum as of the date of Maluf’s conviction, on November 16, 2012. Interest was set at 1% above prime, using T-Bills as a reference.

Maluf was also ordered to repay the plaintiff’s legal costs. Estimates are that these costs could run as high as  R$9 million, but the city has not yet produced an official calculation of legal fees spent on British solicitors since February 2005.

Maluf himself was ordered to return the funds because the court concluded that he and his son Flávio controlled two offshore companies, Durant International and a Kildare Financial. that received a total of US$10.5 million.

Maluf denies controlling these firms.  The Jersey court possesses documents signed by Maluf.

450px-Av_roberto_marinho_sp

According to the Jersey court, the money was misappropriated during the construction of Àguas Espraiadas Avenue (later renamed for Globo chief executive Roberto Marinho) between 1997 and 1998, when Celso Pitta, on Maluf’s recommendation, was at the helm of the city government. In its ruling, the court took special note of the fact that the scheme was executed when Maluf ran the city, between 1993 and 1996.

A Jersey court has ruled on the amount that current federal deputy Paulo Maluf (PP-SP) must return to the city government of São Paulo in a case involving the diversion of between 1997 and 1998 of public funds: US$28.3 million, equivalent to R$ 57 million at current exchange rates.

The sentence ordering the repayment was handed down on Friday, January 18, in Jersey, a Channel Island off the English coast.

Jersey court holds Maluf responsible for siphoning off US$ 22 million.

When the court found Maluf guilty on November 16, 2012, the only pending issue was the original value of the assets misued: US$ 10.5 million

eucatex

[Photo caption] — Paulo Maluf photographed at Eucatex, his family business.

When Maluf was governor, he had a highway built especially to ease his commute between the rural Eucatex and City Hall.

The court found that these funds were misappropriated in February 1998 and ordered that they be corrected as of the date of its ruling — November 16, 2012.  Interest rates were set at 1% above prime, using T-Bills as a reference.

Maluf was also ordered to repay the plaintiff’s legal costs. Estimates are that these costs could run as high as  R$9 million, but the city has not yet produced an official calculation of its legal fees spent on British lawyers since February 2005.

Maluf himself was ordered to return the funds because the court concluded that he and his son Flávio controlled two offshore companies, Durant International and a Kildare Financial. that received a total of US$10.5 million.

Maluf denies controlling these firms.  The Jersey court is in possession of documents signed by Maluf.

According to the Jersey court, the money was misappropriated during the construction of Àguas Espraiadas Avenue (later renamed for Globo chief executive Roberto Marinho) between 1997 and 1998, when Celso Pitta, on Maluf’s recommendation, was at the helm of the city government.

Maluf is legendary for his «pharaonic» public works projects, the most infamous of which is the Big Worm — Minhocão, an elevated throughway that, in the words of local motorists, mostly serves as a congested bridge between one giant pool of traffic congestion and another.

In its ruling, the court took special note of the fact that the scheme was executed when Maluf ran the city, between 1993 and 1996.

malufandlulahaddad

Lula and Haddad of the PT suck it up: Grip and grin with Maluf is price of PP support in municipal elections. Opposition parties also sought the Malufist imprimatur