A Paraná state court has partially reversed a decision awarding compensation to trading company Devas Importação e Exportações, promising to end a 14-year-old legal battle involving two companies operating a terminal in Paranagua.
On the other side of the dispute is Marcon, with whom Devas had a commercial partnership. In 2007, the two designed a mechanical project to transport sugar at the port of Paranagua.
The acquisition cost was R$19 million, with 60% invested by Marcon and 40% by Devas. Then a new company called Teapar was born. The purchase of the machinery was made in the name of Marcon.
Mr. Devas claims that shortly before the stock split of the new business was formalized, sugar company Guarani (part of the French capital group Teleos) made an offer to buy 35% of Teaper’s shares, but Mr. Marcon denied Mr. Devas’ involvement in the negotiations.
The trading company filed a lawsuit to claim compensation. In the first class, Devas won. The judgment ordered Mercon to pay R$13.2 million to its former commercial partner, representing 26% of Teeper’s shares.
Mr. Marcon appealed. The first appeal, analyzed by the 11th Civil Chamber of the Paraná Court of Justice in January, denied a review of the sentence. At the time, the court ruled that Marcon should pay Devas 13.2 million reais because Devas was excluded from companies in which Marcon held shares.
The decision deemed Devas, who helped create Teapar and helped buy machinery, to be excluded when Guarani took an interest in the business. Marcon was also ordered to pay R$7,000 in emotional damages.
However, in late August, after repeated requests for review, Marcon’s declaration embargo changed its previous understanding and concluded that the conviction should be limited to the return of the amount invested by the litigants in the creation of the project, denying the existence of the company.
Marcos Whittaker, Devas’ lawyer, said the decision was technically questionable because the terms of the decision have already been set and cannot be changed on appeal.
“Mr Devas is entitled to 44 million reais (the latest value). That value has fallen to 5 million reais. According to the rapporteur’s own vote, this matter needs to be evaluated in the STJ (High Court). It is very clear what is allowed and what is not allowed in a motion for clarification,” he said.
Devas appealed the decision to reduce his compensation. The battle continues.
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