Legal
Banking Dynasty Row Over Joseph Safra's Will Continues – Media

The story highlights the rows over variation of wills and issues of cognitive decline that this news service has covered in the past. It takes an added twist by centering on a renowned banking dynasty spanning both sides of the Atlantic.
An heir of Lebanese-Brazilian billionaire banker Joseph Safra (pictured) has sued his mother and two siblings amid a dispute over the fortune of his late father, according to a lawsuit filed yesterday, Reuters reported.
Alberto Safra accused his family members of purposely diluting
his stake in a holding company of Safra National Bank in an
effort to oust him from the family empire.
In the lawsuit, filed in New York State Supreme Court, Alberto
Safra claimed that his mother, Vicky Safra, and brothers Jacob
and David Safra had engaged in acts of corporate misconduct to
damage his interests in the company, the report said. (This news
service
covered the case as far back as August 2021.)
Alberto Safra is one of the four children of Joseph Safra, who
died in late 2020 at the age of 82. The Safras own banks in
Brazil, Switzerland and the US, as well as a real estate
portfolio that includes the “Gherkin” building in London and a
stake in the banana company Chiquita Brands International.
"Due to illegal and aggressive acts committed by his brothers,
Alberto Safra had no choice but to file a lawsuit with the
Supreme Court of New York to protect his rights," he was quoted
as saying by Reuters. (The story was also reported by
other services such as Bloomberg.)
Alberto Safra resigned from Banco Safra's board of directors in
late 2019 after a dispute with his younger brother David. A year
later, Joseph Safra, who was for many years Brazil's richest man
and the world's wealthiest banker, passed away.
In 2021, Alberto Safra and the family came close to an agreement
on Joseph Safra's will to avoid litigation over the fortune,
which was valued at $15 billion at the time, the report
said.
In a statement, the Safra family told Family Wealth
Report: "A few months after receiving many donations from
Mr. Joseph, in anticipation of his inheritance, Alberto left
Banco Safra, without listening the appeals made personally by his
father and started a business competing with Banco Safra, having
even harassed and hired several executives of the Group. On
that occasion Mr. Joseph spoke to several executives asking them
not to accompany Alberto on his undertaking, as it was an affront
to himself."
"After several refusals by Alberto to change his plans, Mr.
Joseph disowned him and took action at that time. Now Alberto
promotes a dispute against the whole family, saying that his
father would have no reason to do what he did, claiming it was a
conspiracy to harm him. The Family regrets the path taken by
Alberto, who first attacked his father while he was alive and is
now attacking his memory, and refutes his allegations," it
said.