Former director accuses Ambipar’s president of withholding information

Subject to a criminal investigation to assess his conduct at Ambipar, former financial director João Arruda accuses the president and founder, Tércio Borlenghi Júnior, of hiding important information and decisions from him regarding the company’s accounts and activities. The environmental management company filed for urgent bankruptcy this week. Arruda’s resignation letter, dated September 19, addressed to Borlenghi Júnior, states his reasons for leaving the company. Ambipar has not responded immediately to the allegations. In the letter, Arruda expressed concerns about the lack of transparency regarding business and operations being carried out by Borlenghi Júnior at Ambipar, questioning the president’s decision-making process. He mentioned situations where he was not informed nor consulted about the company’s actions, which raised suspicions for him as the CFO. Arruda revealed in the private letter his surprise at finding new information in the company’s second-quarter balance sheet that had not been previously discussed with him. He emphasized the need for complete and timely financial and operational information to be shared with him, as CFO, as well as the legal and compliance departments. Arruda also questioned being excluded from meetings with stakeholders and raised concerns about the accuracy of information regarding the company’s current cash position. Amidst troubled times at Ambipar, Arruda’s resignation came after a series of events that led to the company’s urgent bankruptcy filing. Ambipar’s decision to file for bankruptcy stemmed from irregularities in financial operations with Deutsche Bank, prompting Arruda’s resignation as CFO.