The heirs of one of the world’s richest bankers, Joseph Safra, have reached an agreement that ends a years-long, international dispute over his estate.
The family announced the “global, amicable resolution of all disputes with Alberto Joseph Safra,” one of Joseph Safra’s sons, in a statement on Friday.
Alberto Safra claimed his father, who suffered from Parkinson’s disease, lacked the mental capacity to execute the three new wills that disinherited him; Alberto later sued his mother and two brothers, claiming to be a victim of manipulation, in a bid to regain what he claimed was his fair share of New York’s Safra National Bank.
Joseph Safra died in 2020 at the age of 82. Born in Lebanon but a citizen of Brazil, he built a robust conglomerate that made him the world’s richest banker at the time of his death. What was supposed to be an orderly, well-choreographed succession then ended up in a New York court, laying bare the divisions within the family.
“I am happy to put this matter behind us. After clarification, I understood that there were no irregularities, and that Mr. Joseph Safra’s assets were properly distributed according to his wishes,” Alberto Safra said in the statement.
Under the terms of the agreement, Alberto Safra will divest from his interests in the J. Safra Group and pursue his business interests through his own firm, ASA Investments. Financial terms and other conditions of the agreement were not disclosed. Bloomberg News reported in 2022 that Alberto Safra was looking to sell his stake to his siblings, a deal that could eventually deliver as much as $5 billion. Recommended Newsletter: CEO Daily provides key context for the news leaders need to know from across the world of business. Every weekday morning, more than 125,000 readers trust CEO Daily for insights about–and from inside–the C-suite. Subscribe Now.