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The heirs of one of the world\u2019s richest bankers, Joseph Safra, have reached an agreement that ends a years-long, international dispute over his estate.<\/p>\n
The family announced the \u201cglobal, amicable resolution of all disputes with Alberto Joseph Safra,\u201d one of Joseph Safra\u2019s sons, in a statement on Friday.\u00a0<\/p>\n
Alberto Safra\u00a0claimed<\/a>\u00a0his father, who suffered from Parkinson\u2019s disease, lacked the mental capacity to execute the three new wills that disinherited him; Alberto later\u00a0sued his mother<\/a>\u00a0and two brothers, claiming to be a victim of manipulation, in a bid to regain what he claimed was his fair share of New York\u2019s Safra National Bank.\u00a0<\/p>\n 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\u2019s 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.<\/p>\n \u201cI am happy to put this matter behind us. After clarification, I understood that there were no irregularities, and that Mr. Joseph Safra\u2019s assets were properly distributed according to his wishes,\u201d Alberto Safra said in the statement.\u00a0<\/p>\n 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\u00a0reported<\/a>\u00a0in 2022 that Alberto Safra was looking to sell his stake to his siblings, a deal that could eventually deliver as much as $5 billion.\u00a0<\/p>\n<\/div>\nRecommended Newsletter: <\/strong>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\u2013and from inside\u2013the C-suite. Subscribe Now<\/a>.<\/div>\n<\/div>\n