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Economy

Fueding Brazilian Brewers Bitter Over Sale To Japan Beer Giant Kirin

In its thirst for foreign markets, Japanese brewer Kirin recently purchased a controlling share in Brazil’s second-largest beer producer. But not only did Kirin “overpay,” it also stepped unwittingly into the middle of a long-simmering family feud.

Devassa, a popular brand of Brazilian beer that could soon be owned by Japan's Kirin
Devassa, a popular brand of Brazilian beer that could soon be owned by Japan's Kirin
Paula Pacheco

SAO PAULOWith a population of just 157,000 inhabitants, Itu is a relatively small city. And yet it's best known in Brazil for some very large things: it has a famous oversized telephone booth, an enormous stoplight and stores that sell disproportionately big key-rings and pencils. The city located in the center of the state of Sao Paulo, is also home to a gigantic family dispute – one that encapsulates many of Latin America's corporate governance problems.

Last August, Itu's Gilberto, Daniela and José Augusto Schincariol filed a lawsuit against their cousins, Adriano and Alexandre Schincariol. Not long before, the defendants in the case sold their investment company, Aleadri-Schinni, to the Japanese beverage firm Kirin for $2.57 billion. Aleadri-Schinni controls 50.45% of the shares of Schincariol, Brazil's second-largest beer producer. The other 49.55% belongs to an investment firm called Jagandil, owned by Gilberto, Daniela and José Augusto. The plaintiffs insist they have a right of first refusal for their cousins' stocks. The judge has accepted the suit and temporarily suspended the sale to Kirin.

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In The News

War In Ukraine, Day 89: First Russian Found Guilty Of War Crimes, Gets Life In Prison

Vadim Shishimarin had confessed to shooting an unarmed 62-year-old man in northeast Ukraine shortly after the invasion began.

Vadim Shishimarin in court

Meike Eijsberg, Anna Akage and Emma Albright

On Monday, Vadim Shishimarin became the first Russian soldier to be convicted of war crimes since the Russian invasion three months ago, found guilty of shooting an unarmed 62-year-old man in northeast Ukraine shortly after the invasion began.

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Shishimarin, 21, who confessed to the shooting and asked the victim’s wife for forgiveness, was sentenced by a Kyiv court to life in prison.

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