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Apex Partners management removed by court amid crisis

Updated 5 times since CLSTR started tracking revisions of this situation.

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2026-09-02 00:01 UTC → 2026-09-02 16:43 UTC · added removed

Apex Partners financial management removed by court amid crisis and scrutiny

Apex Partners, an investment firm in Espírito Santo, is navigating continues to navigate a severe financial crisis involving a total liability liabilities of approximately R$ 985.6 million. The crisis originated crisis, stemming from the ‘Master Capixaba’ operation, which aimed to finance CVC shares; however, a decline in operation and failed CVC stock prices rendered promised returns impossible, leading BTG Pactual returns, has led to terminate its distribution contract and suspend the suspension of redemptions for the BRM Carbyne fund. Following the removal of two executives in early August, Apex reported identifying approximately R$ 1 billion in “financial inconsistencies.” Filipe Pires Cerqueira Caldas, the founder and Chief Investment Officer of Carbyne Investimentos, has been identified as a key executive managing funds related to Apex. Caldas is a signatory in the agreement between Apex and CVC, and Carbyne’s Mercados Privados fund previously had its accounts and financial statements rejected by shareholders. The crisis has reportedly threatened the firm’s European expansion, specifically its Lisbon-based office established in 2025 through Carbyne Investimento. Allegations suggest Apex used allegations that client asset management funds assets were used to cover financial gaps and costs related to the CVC investment after failing to meet treasury guarantees. gaps. In response to the crisis, Apex has sought creditor protection a recent judicial development, a court in Brazil to avoid bankruptcy. The firm has undergone significant leadership changes, including Vitória ordered the removal of president businessman Fernando Antonio Kulnig Cinelli and CFO director Eduardo Siqueira, with 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 president. Cinelli’s assets have manager and has been frozen by the judiciary as the firm seeks given a 72-hour deadline to hold him accountable for ‘bad faith convene a shareholders' meeting to regularize legal representation and reckless management,’ while reorganize management. While Cinelli has requested an independent investigation. Recently, maintains that his departure was a judge from personal decision communicated prior to these judicial developments, the Bankruptcy firm remains under intense scrutiny. In response to the instability, approximately 150 investors and Judicial Recovery Court officially removed Fernando Cinelli from his management position due creditors—including debenture holders and Carbyne fund shareholders—have begun discussions to financial inconsistencies form an association. This group aims to increase collective bargaining power with the company and concerns regarding the group's corporate structure. judiciary as the crisis potentially moves toward formal judicial recovery.

Versions

  1. 2026-09-02 16:43 UTC Apex Partners management removed by court amid crisis
  2. 2026-09-02 00:01 UTC Apex Partners financial crisis and scrutiny
  3. 2026-08-27 11:48 UTC Apex Partners financial crisis and scrutiny
  4. 2026-08-24 11:39 UTC Apex Partners financial crisis and scrutiny
  5. 2026-08-21 21:17 UTC Apex Partners financial crisis and scrutiny
  6. 2026-08-10 15:33 UTC Apex Partners financial crisis and scrutiny

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