Corinthians may have been overcharged for arena, expert says

The São Paulo Public Prosecutor's Office launched an investigation after an expert report indicated that Corinthians' debt to Caixa for the Neo Química Arena could be overstated by about R$255.75 million.

Prosecutor's investigation into the arena debt

Prosecutor Cássio Conserino opened a preparatory administrative procedure to examine the alleged undue charge. The complaint received points to discrepancies in the calculations and orders a new, detailed expert analysis.

Findings of expert Anísio Castelo Branco

Judicial expert and administrator Anísio Costa Castelo Branco examined public documents up to 2019 and concluded that the amount charged by Caixa could be far lower than reported. His report indicates that on August 22, 2019, the actual outstanding balance would be R$280.34 million, not the R$536.09 million indicated by the bank.

Caixa Econômica Federal's position

Caixa denied any irregularity, stating that the financing contract fully complied with current legislation, Central Bank rules, and the National Financial System, and that no aspect of the operation exceeds the applicable legal regime.

History of the Neo Química Arena financing

The Neo Química Arena was built at a total cost of R$1.2 billion. One third of the amount was financed by Odebrecht with public resources, another third was injected by Caixa through the purchase of debentures, and the club was responsible for the final third, equivalent to R$400 million guaranteed by BNDES and transferred to Caixa.

Possible consequences for the club

If the R$255 million difference is confirmed, the excess charge could constitute reckless management by the executives, as warned by the prosecutor. The Civil Code provides that charging an undue amount obliges the creditor to return double the excess, which would mean a refund of R$510 million to Corinthians, although any judicial process could be lengthy.

With information from Estadão, UOL, ge.