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A São Paulo court ordered the garnishment of the R$52,000 monthly salary of SouthRock CEO Kenneth Pope due to a R$71.5 million debt to Travessia Securitizadora.
The São Paulo Court decided to garnish 40% of the salary of Kenneth Stephen Pope, CEO of South Rock, the former operator of Starbucks in Brazil. The decision is related to a lawsuit filed by Travessia, which provided financial credit to SouthRock, and required more than R$71.5 million as the value of the lawsuit.
The calculation of the percentage that Bob will take into account takes into account his net salary of R$130,000 – in total, the CEO receives R$180,000 per month. As a result, the court must collect R$52,000 from the executive per month.
Kenneth Pope's defense tried to reverse the decision, claiming that the high salary was intended to cover basic expenses, such as food and education costs for the businessman's son. Even Judge Mónica Soares Machado, of the 33rd Civil Court, accepted part of the justifications – which is why she decided to confiscate only 40% of the monthly salary.
Hey Land I tried to contact Kenneth Stephen Pope's defense, but there was no response until this report was published. The field remains open for demonstrations.
Crisis at SouthRock and the police investigation
The former operator of Starbucks Brasil and Subway entered the judicial recovery phase in October last year, with debt of R$1.8 billion. The company's executives, including Kenneth Pope, are being investigated by São Paulo Civil Police for allegedly falsifying documents and overlooking more than R$120 million in debt to facilitate a R$75 million financing facility with companies Ibiuna Investimentos and Travessia Securitizadora. The last is the company involved in the process mentioned at the beginning of the article.
Crime news that Land It was opened in December last year and indicates financing provided in 2022. To date, according to the defense of the creditor Travesia who reported on the case, nothing has been paid. South Rock denies these accusations.
The CEO and founder of the group, American Kenneth Stephen Pope, is being investigated on charges of misrepresentation, embezzlement and embezzlement; CFO Fabio David Rohr; The accountant representing the company is Marcos de Jesus Carvalho.
The companies that incurred the $1 million default also claim to have been caught off-guard by a judicial recovery request involving key companies in the SouthRock Group, including Starbucks Brazil, which was requested at the end of October 2023.
“If it's news [Ibiuna e Travessia] “If they had known, at that time, the true economic and financial situation of Starbucks Brazil and the companies that make up the Southrock Group, they would never have given that person the R$75 million loan.”
In a statement, South Rock denies these accusations, and the group adds: “It makes clear that the investigation request is a clear attempt to justify the credit operations carried out to investors.”
Regarding the values mentioned in the complaint, the operator of Starbucks Brazil states that the data appear on the company's balance sheet and in the partner's income tax and that all transactions were carried out years before the judicial recovery process, which began at the end of 2023, and are duly documented.
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The São Paulo State Public Security Secretariat (SSP-SP) confirms that the case is being investigated by the State Criminal Investigation Department (Deic) through a police investigation and that the police are investigating a possible crime of embezzlement committed by the directors of the said group.
Judicial recovery
In 2023, more than 55 Starbucks stores that tested negative in Brazil were closed, according to Land, who had access to a draft recovery document from SouthRock, the café chain operator. The document, submitted in February, shows some of the strategies that will be used to repay creditors in the face of a debt of R$1.8 billion.
The plan stipulates the implementation of measures to restructure debts, generate the necessary operating cash flow and generate the necessary resources for the continuity of the network’s activities.
Source: Redacao Terra
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