(13 Total References)
DenverPost.com - BUSINESS
Celso Cipriani also faces government-led investigations into allegations of illegal money transfers.
No charges have been lodged.
A Brazilian businessman who unsuccessfully attempted to acquire the airline in early 2001 is suing Celso Cipriani
over the collapsed sale.The government agency that regulates air traffic in Brazil, Infraero
, is seeking back rent for airport terminal gates the airline once occupied.The airline owes more than 1 billion Brazilian real, or about $350 million.Celso Cipriani, 58, who serves on Transbrasil's board and was its president from 2000 to 2002, is lobbying the Brazilian government for credits he says the government owes but will not provide.
The newspapers in So Paolo have written more than a dozen articles accusing him of secreting millions out of Transbrasil
and into foreign bank accounts.
Marise and Celso Cipriani
arrived in Grand County in 1995.
A newspaper says Celso Cipriani
illegally sent millions out of Brazil, and a federal attorney is probing bankruptcy-fraud allegations.
In Brazil, some news reports say Celso Cipriani
plundered from the airline.One paper, citing a police document released in 2003, accused him of illegally sending $35 million out of the country using a New York firm, Beacon Hill Service Co.
In a statement he
provided in June to a congressional panel investigating the alleged money-laundering schemes in Brazil, Cipriani
had never heard of Beacon Hill
read of his
company's alleged connection with it in a May 2002 newspaper article.
The Brazilian federal attorney also is investigating charges of bankruptcy fraud against Celso Cipriani
, said Brazilian Sen.
"The Brazilian Congress
Investigation Committee subpoenaed Mr. Cipriani
to testify on money transfers he
ordered to financial institutions outside Brazil," de Barros said, noting that Cipriani's formal testimony is pending.
workforce from 4,000 to fewer than 1,800 between 2001 and 2002.Some of those dismissed employees are behind the newspaper reports, he
The most recent reports in the papers have connected Celso Cipriani
with a countrywide investigation involving Brazilian bank Banestado and an alleged money-laundering scheme that has ferried a reported $30 billion out of Brazil and into foreign banks.
The investigation is headed by a special congressional panel exploring the country's largest banks and special accounts known as CC-5 accounts, which are legal but can make it easier to ship money out of the country.
Last month, newspapers in So Paolo reported a leaked list of bank transactions connected to the investigation.Celso Cipriani's
name was on the list.
The Ciprianis shake their heads when asked about it.Yes, they used the bank in 2001 to change some of her
family's stocks and investments into dollars.But it was a little more than $2 million, they said.Some of that went to Granby Ranch to kick-start some development projects, and some of the stocks were posted as collateral to help pay Transbrasil employees.
"They have accused me of taking money from Transbrasil
, but in fact it is the exact opposite," Celso Cipriani
has sued 14 people connected to one newspaper story and won judgments against two sources involved.
Meanwhile, a Brazilian oil magnate, German Efromovich, plans to buy Transbrasil
for an undisclosed sum.He
intends to use the company's remaining three planes as cargo carriers.Last week, Efromovich launched an independent audit of the airline.The Ciprianis said the results of that audit, expected in the next month, will quash allegations that Celso Cipriani
plundered the airline's coffers.
Two years ago, the Ciprianis tried to sell the company to a buyer for just one Brazilian real and have the buyer assume the airline's growing debt.That sale crumbled.
This time, Efromovich, who also is reportedly in the process of acquiring a bankrupt airline in Colombia, has studied the company's finances and would not buy a company with millions of dollars missing, Celso Cipriani
CNET.com - News - Investor - News - Story
The company , whose operations have been hit by rising costs due to Brazil's sharply depreciating currency , also plans to move its base of operations to Sao Paulo's domestic Congonhas airport from the city's international Cumbica airport , Transbrasil's President Antonio Celso Cipriani said.
We want to concentrate around Congonhas because we believe the passengers are there , Cipriani
said , adding the company's main executive travel market is concentrated in a small radius around the airport.
The moves should allow the company to post operating profits in less than two months and cut administration expenses by 35 percent , or 3.0 million reais ( $1.17 million ) per month , he
Including its subsidiary Interbrasil , Transbrasil has 784 flights per week to 22 Brazilian cities as well as Buenos Aires , Miami and Orlando.Its fleet is composed of eight Boeing
737 and four Boeing
The staff cutbacks , to 1 , 899 employees from 2 , 888 , should be completed in about 90 days at a cost of about 7.5 million reais ( $2.9 million ) , Cipriani
said , adding the company was currently in talks with unions to carry out the job cuts.
The cutbacks are not an unmentionable beast ... ( Transbrasil's ) survival depends on it , he
The carrier also hopes to sell three of its Boeing
767-200s and then lease them back as part of the cost-cutting program.The company hopes to get $60 million from the sale.The sale and lease-back ... ( will be ) a breath of fresh air at an opportune moment , Cipriani
added that the company wants to lease about 10 more planes in the future as part of an expansion , although he
did not specify when that might come.
DRAGGED DOWN BY DEBT
Hampered by a $350 million debt , Transbrasil has been further hit this year by an over 20 percent depreciation of the Brazilian real.The weak currency has raised the dollar-denominated costs of aircraft leasing , plane parts , jet fuel and dollar debts in local terms.
Meanwhile , Transbrasil also said in a statement that it had filed a suit in Sao Paulo against GE Capital Corporation
, a leasing company which had filed a bankruptcy request against Transbrasil that was denied by Brazilian courts.
We can't allow an action like that , which left our partners and clients unsure about our future , to go unpunished , Cipriani
Transbrasil added that it had recuperated a Boeing
767 that was seized in Miami on Aug. 8.
Other Brazilian airlines including Varig , TAM and Vasp have also been hit hard by the currency's weakness.
Analysts say the government's decision to eradicate ticket price controls earlier this month gave the sector some breathing room , but industry consolidation is inevitable.
Antonio Celso Cipriani , Chief Executive Officer for Transbrasil added , We are excited about the tremendous opportunities offered by an alliance with Continental Airlines.We expect Transbrasil's growth and improvement in customer service to further accelerate..Continental Airlines
will place its code , subject to government approval , on Transbrasil flights operating between Sao Paulo to Orlando and Miami.Codesharing will also be in place to Brazilian cities beyond Sao Paulo including : Rio de Janeiro , Brasilia , Curitiba , Fortaleza , Londrina , Navegantes , Porto Alegre , Salvador , Recife , Ribeirao Preto and others.Transbrasil
will codeshare on Continental's daily flights between Sao Paulo and Rio de Janeiro to both Houston and Newark/New York with continuing codeshare service to over 27 U.S. destinations through Continental's convenient hub networks
IFS News / Press releases
Furthermore , I was impressed with the possibility of implementing IFS Applications rapidly and step by step , said Antonio Celso Cipriani , President of Transbrasil.We expect that Transbrasil will continue its rapid expansion , further improving customer service , adding to and changing the system as requirements change..
IFS do Brasil launched ASP services just one year ago.We already have 9 customers , and we expect to continue to grow our ASP business , said Herton Götz , Vice President IFS do Brasil.
Brazilian Airline Transbrasil signs $4 Million contract with IFS
Furthermore, I was impressed with the possibility of implementing IFS Applications rapidly and step by step," said Antonio Celso Cipriani, President of Transbrasil."We expect that Transbrasil will continue its rapid expansion, further improving customer service, adding to and changing the system as requirements change."
do Brasil launched ASP services just one year ago.We already have 9 customers, and we expect to continue to grow our ASP business", said Herton Götz, Vice President IFS do Brasil.