By Brazil Stock Guide – Ambipar (B3: AMBP3) disclosed on Friday (Oct. 10) that its controlling shareholder, Tércio Borlenghi Jr., sent a letter to the company alleging that Bradesco and Opportunity sold shares held in his name without authorization, in what he says was a breach of a Rio de Janeiro court injunction.
According to Borlenghi, the transactions were carried out by Bradesco and by Genial Investimentos, acting on behalf of a vehicle linked to the Opportunity Group (“Genial/Opportunity”), between September 25 and October 6, 2025. He claims that the sales violated a precautionary injunction that had been granted by the Rio de Janeiro Court of Justice (TJ-RJ) to preserve his ownership position.
Borlenghi says 72.2 million shares were transferred to Bradesco — of which 15.9 million were sold — and another 24.5 million were sold by Genial/Opportunity, reducing his ownership from 73.48% to 67.68%. He estimates losses of about R$20 billion (US$3.4 billion) and says he has taken civil and criminal action against those involved.
He argues that these transactions violated the injunction referenced in Ambipar’s Sept. 25 Material Fact, which had ordered the preservation of his shareholding amid an ongoing dispute over debt collateral and pledged shares.
Opportunity clarified that it is not a creditor of the Everest Private Equity Fund (FIP Everest) and is not executing any debt owed by Tércio Borlenghi. The firm said it is a limited partner (cotista) — not a creditor — of the fund, which in turn holds shares in Ambipar. These shares, Opportunity added, belong exclusively to the fund and do not serve as collateral of any kind.
So far, Bradesco have not publicly commented on the allegations.
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