Alberto Safra sues mother and siblings over billion-dollar stake in bank

The son of one of the world’s richest bankers, the late Joseph Safra, sued his mother and two brothers to recover what he claims is his rightful share in Safra National Bank in New York.

Alberto Safra claims that his family members and directors of a bank holding company improperly diluted his 28% stake and prevented him from appointing his director, according to a lawsuit filed Monday (6) in New York state court.

Joseph Safra, former head of an international empire with over US$85 billion in banking assets, died in 2020 at 82.

Alberto Safra filed a suit in New York federal court, in 2021, for evidence of what he said was an attempt to contest his father’s will.

Safra claimed that his father, who suffered from Parkinson’s disease, lacked the mental acuity to execute three new wills in November and December 2019.

Alberto Safra, one of Joseph Safra’s four sons, claims that his family members and directors improperly diluted his stake to 13.5%, less than half of what he is owed.

WHAT THE SAFRA FAMILY SAYS

Following Alberto Safra’s lawsuit against the family for a stake in the bank, the Safra family said it regrets the path taken by Alberto, who “first attacked his father in life and now does so against his memory, and refutes his allegations” according to a statement sent to Bloomberg News.

The note also says that “a few months after receiving a donation from Mr. Joseph, as an anticipation of his inheritance, Alberto left Banco Safra, without heeding the appeals made personally by his father, and started a business competing with Banco Safra, and even harassed and hired several executives of the Group”.

With information from Bloomberg