Police in Brazil named two Goldman Sachs employees as suspects in an alleged fraud tied to a shareholder dispute over the cancer‑treatment firm Oncoclínicas. The São Paulo civil police claim the bank, then an investor in the company, hid the clinic’s ownership structure from shareholders. The two executives, Felipe Acosta and Natan Lima Reinig, allegedly took part in a scheme to mislead Oncoclínicas, the securities regulator CVM, exchange operator B3 and investors.\n\nGoldman allegedly transferred shares to the U.S. investment fund Centaurus, whose 15 % stake should have triggered a mandatory tender offer under the company’s bylaws.

The fund argued it was exempt because it held the stake before the IPO. The transfer reportedly caused financial losses to minority shareholders who now seek to cash out.\n\nOncoclínicas filed for an out‑of‑court restructuring last month after debt problems and its shares fell to penny‑stock territory. Police allege Goldman failed to disclose that Centaurus, run by former Enron executive John Arnold, owned a portion of the shares before the listing.

The CVM has rejected Centaurus’s argument and the matter will go to the board.\n\nGoldman Sachs says the allegations are “without merit” and that it has acted appropriately. Neither executive has been charged, and it is up to public prosecutors to decide whether to file indictments.