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Brazillionaires | The Steinbruch Connection

Lula and Steinbruch during the second Lula administration

Lula and Steinbruch during the second Lula administration

The SwissLeaks case continues to leak in dribs and drabs here in Brazil, ahead of congressional hearing and legal action.

Source: Brasil 24/7

The Steinbruch family, captained by the entrepreneur Benjamin, has amassed the largest fortune in Brazil and possibly in the world: US$ 543 million.

Owner of the Vicunha group, which was facing difficulties in the textile market, in 1995, Benjamin hired the son of ex-president Fernando Henrique Cardoso, Paulo Henrique, as a special consultant.

In the era of privatizations, Benjamim acquired the Companhia Siderúrgica Nacional (CNS –mining), Light (electricity) and even Vale (mining), invariably with the support of BNDES or the government pension funds. In a note, the Steinbruch said it would not comment on “illicit leaks.”The Steinbruch family, captained by the entrepreneur Benjamin, has amassed the largest fortune in Brazil and pwas robably in the world: US$ 543 million. Owner of the Vicunha group, which was facing difficulties in the textile market, in 1995, Benjamin hired the son of ex-president Fernando Henrique Cardoso, Paulo Henrique, as a special consultant. In the era of privatizations, Benjamim acquired the Companhia Siderúrgica Nacional (CNS –mining), Light (electricity) and even Vale (mining), invariably

 

247 – Of all the family names of Brazilians involved in the so-called “SwissLeaks” case, none stands out more than the Steinbruch clan.

In all, the so-called ‘Steinbruch family’ has deposited  US$ 543 million deposited with HSBC in Geneva.

Captained by Benjamin, the best-known member of the clan, the family’s wealth skyrocketed during the period of privatizations, during the eight years of the Cardoso administration.

Prior to the 1990s, the Steinbruch group consisted entirely of a textile group, Vicunha, which suffered from the difficulties inherent from the privatization process.

With the arrival of FHC in power, however, Benjamin perceived a grand opportunity for a complete turnaround of the family business. With privatization, the Vicunha group was able to acquire three iconic state-owned firms: Companhia Siderúrgica Nacional (CSN), Light and even Vale do Rio Doce.

Coincidence or not, in the first year of the Cardoso government, Benjamin hired no less than Paulo Henrique Cardoso, son of the president, as a special advisor.

On May 11, 1997, Steinbruch was the subject of a portrait by the Folha de S. Paulo’s Igor Gielow, who described him as the first “mega-entrepreneur” of the Toucan era.

“The identification with the power of the Toucans is not just rhetorical. Steinbruch is a friend of many years to Paulo Henrique Cardoso, the president’s son. Until Feb

The Steinbruch family, captained by the entrepreneur Benjamin, has amassed the largest fortune in Brazil and pwas robably in the world: US$ 543 million. Owner of the Vicunha group, which was facing difficulties in the textile market, in 1995, Benjamin hired the son of ex-president Fernando Henrique Cardoso, Paulo Henrique, as a special consultant. In the era of privatizations, Benjamim acquired the Companhia Siderúrgica Nacional (CNS –mining), Light (electricity) and even Vale (mining), invariably with the support of BNDES or the government pension funds. In a note, the Steinbruch said it would not comment on “illicit leaks.”

247 – Of all the family names of Brazilians involved in the so-called “SwissLeaks” case, none stands out more than the Steinbruch clan.

In all, the so-called ‘Steinbruch family’ has deposited  US$ 543 million deposited with HSBC in Geneva.

Captained by Benjamin, the best-known member of the clan, the family’s wealth skyrocketed during the period of privatizations, during the eight years of the Cardoso administration.

Prior to the 1990s, the Steinbruch group consisted entirely of a textile group, Vicunha, which suffered from the difficulties inherent from the privatization process.

With the arrival of FHC in power, however, Benjamin perceived a grand opportunity for a complete turnaround of the family business. With privatization, the Vicunha group was able to acquire three iconic state-owned firms: Companhia Siderúrgica Nacional (CSN), Light and even Vale do Rio Doce.

Coincidence or not, in the first year of the Cardoso government, Benjamin hired no less than Paulo Henrique Cardoso, son of the president, as a special advisor.

On May 11, 1997, Steinbruch was the subject of a portrait by the Folha de S. Paulo’s Igor Gielow, who described him as the first “mega-entrepreneur” of the Toucan era.

“The identification with the power of the Toucans is not just rhetorical. Steinbruch is a friend of many years to Paulo Henrique Cardoso, the president’s son. Until February, the “first son” was employed by the communication and marketing directorate of CSN. Now, Paulo Henrique is working for Light,” Gielow wrote.

In his report, Gielow also related that Benjamin cultivated relations with two other powerful Toucans.  cultivava outros dois nomes fortes do tucanato. “Publicity-shy, he attends theatrical openings and chic auctions together with major figures of the PSDB in São Paulo. Among these are David Zylberstajn (State Secretary of Energy and a “cousin slash son-in-law” of FHC, married to Beatriz Cardoso). The other is Andrea Matarazzo (CEO of Cesp), a friend of 20 years who offers frequent guidance. …

In 2000, a report in Veja magazine by Policarpo Júnior and Consuelo Dieguez, pointed out that the advice of Paulo Henrique Cardoso was crucial in getting BNDES to associate with the Steinbruch group in the acquisition of Light. Paulo Henrique and Benjamin Steinbruch have also been friends for years.

The president’s son took the side of the private sector during the time of the Light privatization, which was auctioned in May 1996. Steinbruch, one of the controlling shareholders of CSN, wanted BNDES to participate in a consortium formed by Electricité de France and two American groups, as well as CSN itself. Persons close to Steinbruch say the president’s son contributed to the eventual — successful — entry of the bank into the winning consortium. At this time, Paulo Henrique worked at CSN as a communications coordinator. With Light privatized, he was invited to join the company,” according to the text. […]

Another scandal connecting Steinbruch to the privatization process had to do with the acquisition of Vale. The president’s son was supported by the government pension funds, but in return was allegedly offered a bribe by former PSDB treasurer, Ricardo Sérgio de Oliveira. In 2002, the Datafolha polling institute released a survey showing that 49% of Brazilians believed the former federal president knew of the proposed bribe.

With close ties to the privatization process and a substantial accout in HSBC Geneva, Steinbruchw will be one of the principal targets not just of the tax authority but also of the parliamentary inquiry into the case in the Congress.

In a note, the Steinbruch family said it would not comment on “illict leaks.”

 

ruary, the “first son” was employed by the communication and marketing directorate of CSN. Now, Paulo Henrique is working for Light,” Gielow wrote.

In his report, Gielow also related that Benjamin cultivated relations with two other powerful Toucans.  cultivava outros dois nomes fortes do tucanato. “Publicity-shy, he attends theatrical openings and chic auctions together with major figures of the PSDB in São Paulo. Among these are David Zylberstajn (State Secretary of Energy and a “cousin slash son-in-law” of FHC, married to Beatriz Cardoso). The other is Andrea Matarazzo (CEO of Cesp), a friend of 20 years who offers frequent guidance. …

In 2000, a report in Veja magazine by Policarpo Júnior and Consuelo Dieguez, pointed out that the advice of Paulo Henrique Cardoso was crucial in getting BNDES to associate with the Steinbruch group in the acquisition of Light. Paulo Henrique and Benjamin Steinbruch have also been friends for years.

The president’s son took the side of the private sector during the time of the Light privatization, which was auctioned in May 1996. Steinbruch, one of the controlling shareholders of CSN, wanted BNDES to participate in a consortium formed by Electricité de France and two American groups, as well as CSN itself. Persons close to Steinbruch say the president’s son contributed to the eventual — successful — entry of the bank into the winning consortium. At this time, Paulo Henrique worked at CSN as a communications coordinator. With Light privatized, he was invited to join the company,” according to the text. […]

Another scandal connecting Steinbruch to the privatization process had to do with the acquisition of Vale. The president’s son was supported by the government pension funds, but in return was allegedly offered a bribe by former PSDB treasurer, Ricardo Sérgio de Oliveira. In 2002, the Datafolha polling institute released a survey showing that 49% of Brazilians believed the former federal president knew of the proposed bribe.

With close ties to the privatization process and a substantial accout in HSBC Geneva, Steinbruchw will be one of the principal targets not just of the tax authority but also of the parliamentary inquiry into the case in the Congress.

In a note, the Steinbruch family said it would not comment on “illict leaks.”

 

iably with the support of BNDES or the government pension funds. In a note, the Steinbruch said it would not comment on “illicit leaks.”

247 – Of all the family names of Brazilians involved in the so-called “SwissLeaks” case, none stands out more than the Steinbruch clan.

In all, the so-called ‘Steinbruch family’ has deposited  US$ 543 million deposited with HSBC in Geneva.

Captained by Benjamin, the best-known member of the clan, the family’s wealth skyrocketed during the period of privatizations, during the eight years of the Cardoso administration.

Prior to the 1990s, the Steinbruch group consisted entirely of a textile group, Vicunha, which suffered from the difficulties inherent from the privatization process.

With the arrival of FHC in power, however, Benjamin perceived a grand opportunity for a complete turnaround of the family business. With privatization, the Vicunha group was able to acquire three iconic state-owned firms: Companhia Siderúrgica Nacional (CSN), Light and even Vale do Rio Doce.

Coincidence or not, in the first year of the Cardoso government, Benjamin hired no less than Paulo Henrique Cardoso, son of the president, as a special advisor.

On May 11, 1997, Steinbruch was the subject of a portrait by the Folha de S. Paulo’s Igor Gielow, who described him as the first “mega-entrepreneur” of the Toucan era.

“The identification with the power of the Toucans is not just rhetorical. Steinbruch is a friend of many years to Paulo Henrique Cardoso, the president’s son. Until February, the “first son” was employed by the communication and marketing directorate of CSN. Now, Paulo Henrique is working for Light,” Gielow wrote.

In his report, Gielow also related that Benjamin cultivated relations with two other powerful Toucans.  cultivava outros dois nomes fortes do tucanato. “Publicity-shy, he attends theatrical openings and chic auctions together with major figures of the PSDB in São Paulo. Among these are David Zylberstajn (State Secretary of Energy and a “cousin slash son-in-law” of FHC, married to Beatriz Cardoso). The other is Andrea Matarazzo (CEO of Cesp), a friend of 20 years who offers frequent guidance. …

In 2000, a report in Veja magazine by Policarpo Júnior and Consuelo Dieguez, pointed out that the advice of Paulo Henrique Cardoso was crucial in getting BNDES to associate with the Steinbruch group in the acquisition of Light. Paulo Henrique and Benjamin Steinbruch have also been friends for years.

The president’s son took the side of the private sector during the time of the Light privatization, which was auctioned in May 1996. Steinbruch, one of the controlling shareholders of CSN, wanted BNDES to participate in a consortium formed by Electricité de France and two American groups, as well as CSN itself. Persons close to Steinbruch say the president’s son contributed to the eventual — successful — entry of the bank into the winning consortium. At this time, Paulo Henrique worked at CSN as a communications coordinator. With Light privatized, he was invited to join the company,” according to the text. […]

Another scandal connecting Steinbruch to the privatization process had to do with the acquisition of Vale. The president’s son was supported by the government pension funds, but in return was allegedly offered a bribe by former PSDB treasurer, Ricardo Sérgio de Oliveira. In 2002, the Datafolha polling institute released a survey showing that 49% of Brazilians believed the former federal president knew of the proposed bribe.

With close ties to the privatization process and a substantial accout in HSBC Geneva, Steinbruchw will be one of the principal targets not just of the tax authority but also of the parliamentary inquiry into the case in the Congress.

In a note, the Steinbruch family said it would not comment on “illict leaks.”