Brazil: Agência Pública journalism agency denounces illegal sale of land to foreigners by Brasilagro, a company of which BTG Pactual and XP Investimentos are partners and shareholders
Agência Pública published a news report about Brasilagro, a company that has been under investigation since 2016 by the federal government for illegal land acquisitions and sales to foreigners. In that report, AP reveals documents indicating that Brasilagro bought land "without authorisation from Incra or Congress", which is illegal. Brasilagro's production reaches major foreign companies like Bunge, Cargill and Glencore; and major banks like Citibank, Credit Suisse, JP Morgan and Itaú are among the shareholders with voting power in the agricultural giant. On 24 January, BTG Pactual and XP Investimentos formed a partnership that resulted in a multimillion dollar operation to sell Brasilagro shares. The head offices of the two banks and their subsidiaries in the United States would sell the equivalent of more than R$ 670 million in shares. Whatever was not bought by third parties would be acquired by both. We invited BTG Pactual and XP Investimentos to comment on Agência Pública's denunciations. XP Investimentos responded. BTG Pactual, despite having returned our contact, has not sent comments on the allegations to date.