Alpargatas, owner of the Havaianas brand, disclosed a Material Fact this Tuesday (7) in which it informs the start of a judicial execution process against businessman Carlos Wizard Martins, for non-payment of an installment of R$ 89.7 million referring to to the purchase of Alpargatas Argentina.
According to the document, sent to the Securities and Exchange Commission (CVM), the payment was due on Monday (6), as per an agreement signed between wizard and the company in September 2018.
In September 2018, Alpargatas announced an agreement to sell 22.5% of its business in Argentina to wizardwith the right to purchase the remainder — which was exercised in 2019 by the entrepreneur, as previously disclosed by the company.
Due to the non-compliance, by the buyer, with obligations to provide guarantees provided for in the purchase and sale agreement, Alpargatas informs that it declared “the early maturity of the remaining installments of the Remaining Price and filed a judicial execution process against the Buyer (Execution Judicial)”.
The Judicial Execution, adds the company, is currently being processed under secrecy of Justice and aims at the execution of the amount of R$ 266 million. Alpargatas also informs that Wizard initiated an arbitration procedure with the Arbitration and Mediation Center of the Brazil-Canada Chamber of Commerce (CAM-CCBC) to discuss the non-compliance with the agreement by the parties.
“The Arbitration Proceeding is at an early stage, but, based on the preliminary analysis of the Buyer’s manifestations, the company, together with its legal advisors, believes that the Buyer’s requests are unfounded”, says the company.
Alpargatas states that it will adopt all appropriate measures to defend its rights in the Judicial Execution and Arbitration Proceedings and will communicate any further relevant developments in the processes in question.
In a note, the businessman classified the statement by Alpargatas as an “attempt to intimidate”. He explains that the disagreement with the company would have occurred “due to inconsistencies in the reimbursement of indemnities; disagreements over the company’s net debt; third-party claims for which Alpargatas is responsible; and governmental acts that took place in Argentina”.
According to Wizard, its representatives approached Alpargatas throughout 2022 for an adjustment in the acquisition price.
*With information from Estadão Content and Reuters
Source: CNN Brasil

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