Economy

Brazilian business leaders, in letter, rebuke Bolsonaro's 'authoritarian adventures'

Brazil's President has repeatedly said if the printed ballots system is not adopted, the 2022 elections would not be held

President Jair Bolsonaro may be a risk factor for Brazil's IPO pipeline
Photo: REUTERS/Adriano Machado
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Hundreds of business leaders representing large Brazilian banks and companies on Thursday published a letter titled “Elections will be respected”, in an apparent rebuke of President Jair Bolsonaro‘s recent threats against the 2022 elections.

“The principle of a healthy democracy is that elections are held and all involved accept its results,” the letter said. Bolsonaro has repeatedly said if the printed ballots system is not adopted, the 2022 elections would not be held. On Wednesday, he threatened to react to a Supreme Court probe into his conduct “acting beyond the constitution”.

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Without citing the president, the letter said: “Brazilian society is guarantor of the constitution and will not accept authoritarian adventures”.

The letter’s signatories included Roberto Setubal and Pedro Moreira Salles, large shareholders and co-chairmans in Itau Unibanco Holding SA, Luiza and Frederico Trajano, controlling shareholders in Magazine Luiza, Pedro Passos and Guilherme Leal, shareholders in Natura, Carlos Jereissati, shareholder in mall operator Iguatemi and bankers such as Credit Suisse‘s CEO in Brazil Jose Olympio Ferreira and Lazard‘s Chairman Jean Pierre Zarouk. Walter Schalka, CEO of pulpmaker Suzano, also signed the letter.

The letter was also signed by economists, diplomats and representatives of civil society.

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On Wednesday, Bolsonaro raged against a Supreme Court investigation into the unfounded accusations that Brazil‘s electronic voting system is vulnerable to fraud. Critics say Bolsonaro, like former U.S. President Donald Trump, is sowing doubts in case he loses in 2022. He has already threatened not to accept the result if the system is not changed.

Brazil is facing a sanitary, social and economic crisis of large proportions. Thousands have lost their lives to the pandemic and millions lost their jobs”, the letter says, adding that the only way to get out of the situation is through democratic stability.

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