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

Stock MarketsAug 05, 2021 02:32PM ET
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2/2 © Reuters. FILE PHOTO: Brazil's President Jair Bolsonaro talks during a ceremony at the Planalto Palace in Brasilia, Brazil July 27, 2021. REUTERS/Adriano Machado/File Photo 2/2

By Tatiana Bautzer and Lisandra Paraguassu

SAO PAULO/BRASILIA (Reuters) -Hundreds of business leaders representing large Brazilian banks and other 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 a printed-ballot 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 "beyond the constitution."

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-chairmen in Itau Unibanco Holding SA, Luiza and Frederico Trajano, controlling shareholders in Magazine Luiza, Pedro Passos and Guilherme Leal, shareholders in Natura & Co Holding, Carlos Jereissati, shareholder in mall operator Iguatemi, and bankers such as Credit Suisse (SIX:CSGN) CEO in Brazil Jose Olympio Pereira and Lazard (NYSE:LAZ) 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.

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.

In an interview with an evangelical radio station, Bolsonaro said he wants to emulate the elections in neighboring Paraguay, where electronic voting and printed ballots coexist.

He said Supreme Court judges Alexandre Moraes and Luis Roberto Barroso are making "unreasonable" decisions and repeated that electronic voting is vulnerable to fraud.

Bolsonaro also said Moraes' decision to investigate him in a fake news probe is "absurd." During the interview, Bolsonaro cited a federal police probe that investigated a hacking of the Supreme Electoral court in 2018.

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

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Comments (7)
Leo Nakayama
Leo Nakayama Aug 05, 2021 9:33PM ET
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By the tone of this title, https://investing.com is bias towards leftist wings. President Bolsonaro and the people  of Brazil want written ballots instead of electronic ballots which clearly in Brazil has been used to fraud past elections. "Authoritarian" is the current Brazilian Federal Supreme Court which has been interfering directly in the government by attacking the President and protecting some outlaw politicians.
milena villa escobar
milena villa escobar Aug 05, 2021 2:57PM ET
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They know they're going to try to rig the selection so they want to make Bolsonaro commit to honor results ahead of time.  Sounds very familiar to me
Alan Rice
Alan Rice Aug 05, 2021 2:42PM ET
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(why businessmen SHOULDNT BE in Government.)
Luiz Gustavo
Luiz Gustavo Aug 05, 2021 11:33AM ET
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In fact, what is causing this complaint is the change in the way in which taxes are collected. Whoever is being impacted is complaining, but using other arguments.
Felipe Daniel
Felipe Daniel Aug 05, 2021 11:30AM ET
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Bolsonaro is good president, ofcourse Leftist Reuters dislikes that
Marcio Castelo Branco
Marcio Castelo Branco Aug 05, 2021 9:53AM ET
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President Bolsonaro is doing his best to preserve the Democracy. This very biased news does not help the Country at all. Why you guys don't show millions of Brazilians that went to streets to support the President last Sunday???
Hugh Fissore
HMJF Aug 05, 2021 9:02AM ET
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He does not want to be screwed by computing voting machines 🤣 As an important chinese agricultural food supplier, Chinese communist would love to have an other puppet president 🤣
 
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