Apex Partners management removed by court amid financial crisis

A court in Vitória has ordered the removal of businessman Fernando Kulnig Cinelli and director Eduardo Costa Constâncio Siqueira from the administration of 161 companies within the Apex Partners Group. Judge Marcos Pereira Sanches ruled that maintaining the former administrators in their roles could hinder necessary corporate actions, particularly given the complex ownership structure and the group's ongoing multi-billion real financial crisis.

Marcelo Murad Brumana, the group's current president, has been appointed as the interim manager. The court established a 72-hour deadline for Brumana to convene a shareholders' meeting to regularize legal representation and reorganize management. While the removal follows internal investigations into financial inconsistencies, Cinelli issued a note stating his departure from management roles was a personal decision communicated prior to recent judicial developments.

In response to the financial instability, investors and creditors linked to Apex Partners and Rhino Securitizadora have begun discussions to form an association. This initiative, involving approximately 150 registered participants including debenture holders and Carbyne fund shareholders, aims to reduce fragmentation and increase collective bargaining power with the company and the judiciary as the crisis potentially moves toward judicial recovery.