# Apex Partners management removed by court amid crisis

> Live situation record from CLSTR: https://clstr.news/situations/apex-partners-financial-crisis-and-scrutiny
> Updated: 2026-08-31T12:35:41.000Z. Sources: 20. Developments: 6.

Apex Partners, an investment firm in Espírito Santo, continues to navigate a severe financial crisis involving liabilities of approximately R$ 985.6 million. The crisis, stemming from the ‘Master Capixaba’ operation and failed CVC stock returns, has led to the suspension of redemptions for the BRM Carbyne fund and allegations that client assets were used to cover investment gaps.

In a recent judicial development, a court in Vitória 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 their continued presence could hinder corporate actions due to the group’s complex ownership structure and ongoing multi-billion real crisis. Marcelo Murad Brumana, the current president, has been appointed as interim manager and has been given a 72-hour deadline to convene a shareholders' meeting to regularize legal representation and reorganize management.

While Cinelli maintains that his departure was a personal decision communicated prior to these judicial developments, the firm remains under intense scrutiny. In response to the instability, approximately 150 investors and creditors—including debenture holders and Carbyne fund shareholders—have begun discussions to form an association. This group aims to increase collective bargaining power with the company and the judiciary as the crisis potentially moves toward formal judicial recovery.

## Timeline

### 2026-08-31: Apex Partners management removed by court amid financial crisis

A Brazilian court removed Fernando Cinelli from the management of 161 Apex Partners companies amid a financial crisis, appointing Marcelo Murad Brumana as interim manager while creditors organize.

2 sources. https://clstr.news/cluster/apex-partners-group-management-removed-amid-financial-crisis

### 2026-08-27: Apex Partners faces financial crisis impacting European expansion

Brazilian asset manager Apex Partners faces a €164.5 million financial crisis, jeopardizing its European expansion and Lisbon-based office following allegations of misused client funds.

2 sources. https://clstr.news/cluster/apex-partners-faces-financial-crisis-impacting-european-expansion

### 2026-08-24: Apex Partners reports R$ 1 billion in financial inconsistencies

Apex Partners has reported R$ 1 billion in financial inconsistencies, involving executives linked to Carbyne Investimentos and the travel operator CVC.

7 sources. https://clstr.news/cluster/apex-partners-reports-r-1-billion-in-financial-inconsistencies

### 2026-08-21: Apex Partners faces financial crisis and leadership dispute

Apex Partners faces a 975 million reais debt crisis and leadership upheaval following the removal of president Fernando Cinelli over alleged financial inconsistencies.

2 sources. https://clstr.news/cluster/apex-partners-faces-financial-crisis-and-leadership-dispute

### 2026-08-10: Apex Partners faces debt crisis and scrutiny over corporate ties

Apex Partners faces a debt crisis involving R$ 201.7 million in bank loans, amid scrutiny over its ties to Rhino Securitizadora and the appointment of the Governor of Espírito Santo's son as compliance director

7 sources. https://clstr.news/cluster/apex-partners-faces-debt-crisis-and-scrutiny-over-corporate-ties

### 2026-08-08: Apex Partners faces financial crisis and leadership changes

Apex Partners faces a potential R$ 500 million to R$ 1 billion deficit following a failed investment structure involving CVC shares, leading to leadership removals and a split with BTG Pactual.

3 sources. https://clstr.news/cluster/apex-partners-faces-potential-r-1-billion-shortfall-and-leadership-changes

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Cite as: Apex Partners management removed by court amid crisis. CLSTR, https://clstr.news/situations/apex-partners-financial-crisis-and-scrutiny