Brazil Supreme Court Orders Refit Chief Ricardo Magro Arrest in Fuel Fraud Probe

5 articles · Updated · Bloomberg · May 15

Justice Alexandre de Moraes ordered the arrest of Ricardo Magro, identified as the controlling figure behind Refit, in Brazil’s latest move against organized crime in the formal economy.
Federal investigators say Refit used a complex corporate and financial structure to conceal assets, disguise ownership and move resources abroad, according to a police report filed in court.
Refit is one of Brazil’s few private refining and fuel distribution groups, making the case a high-profile test of scrutiny on the fuel sector.
The order signals Brazil’s top court is escalating efforts to target alleged criminal infiltration beyond street-level activity and into major businesses.

Can high-profile arrests dismantle the deep-rooted alliance between Brazil's political elite and its powerful organized crime networks?

With Brazil's crime economy now 10% of its GDP, is its entire financial system facing an unprecedented crisis?

As the US mulls a terror label for Brazil's gangs, how can foreign firms navigate the escalating compliance risks?