Key facts
- Sao Paulo civil police have formally accused two Goldman Sachs representatives of fraud.
- The accusations stem from a dispute over a public share tender offer for Oncoclinicas minority shareholders.
- Executives allegedly concealed ownership details and executed transactions to avoid triggering a mandatory tender offer.
- Goldman Sachs denies the allegations, stating it acted appropriately.
- The police filing alleges the information was used to block a tender offer to the detriment of minority shareholders.
Sao Paulo civil police have formally accused two Goldman Sachs representatives of fraud in a dispute concerning a public share tender offer for minority shareholders of the cancer treatment group Oncoclinicas. According to a police document seen by Reuters, the executives allegedly concealed ownership details in public filings and conducted transactions to transfer shares without triggering a mandatory tender offer, thereby deceiving minority shareholders and causing them losses.