Court dismisses charges against Brazil banker Joseph Safra

Markets Associated Press

A Brazilian federal court has dismissed charges against banking tycoon Joseph Safra for allegedly paying more than $4 million in bribes to reduce or annul fines on unpaid taxes.

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A spokesman for the federal court in capital of Brasilia confirmed the decision without providing additional details.

The spokesman said former bank executive Joao Inacio Puga will still be investigated in the alleged scheme.

Brazil's Federal Prosecutor's Office alleged in March that Safra knew of a 2014 plan by executives at Banco Safra to pay 15.3 million reals ($4.25 million) in bribes.

Prosecutors said then that Safra was not directly involved in the negotiations but that wiretapped conversations showed Puga reported to him on the bribery talks.

Safra Group said at the time that the allegations were unfounded.