U.S. pension fund TIAA embroiled in Brazil land-purchase probe
Tatiana Freitas, Bloomberg
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A top U.S. retirement fund and a major sugar producer have found themselves embroiled in a probe into possible breaches of land-purchase rules in agricultural superpower Brazil.
Incra, the Brazilian agency that demarcates farming land, concluded in a preliminary report that the indirect involvement of Teachers Insurance and Annuity Association of America (TIAA) in property acquisitions represents an infringement of foreign ownership restrictions.
While TIAA and its local partner say they re compliant and are fighting the allegations, the case may set off alarm bells among several foreign investors who have found ways to bypass ownership restrictions to buy or lease agricultural property in Brazil, the largest exporter of soybeans, sugar, coffee and beef.
U.S. Pension Fund TIAA Embroiled in Brazil Land-Buying Probe Bloomberg 12/17/2020 Tatiana Freitas
(Bloomberg) A top U.S. retirement fund and a major sugar producer have found themselves embroiled in a probe into possible breaches of land-purchase rules in agricultural superpower Brazil.
Incra, the Brazilian agency that demarcates farming land, concluded in a preliminary report that the indirect involvement of Teachers Insurance and Annuity Association of America (TIAA) in property acquisitions represents an infringement of foreign ownership restrictions.
While TIAA and its local partner say they’re compliant and are fighting the allegations, the case may set off alarm bells among several foreign investors who have found ways to bypass ownership restrictions to buy or lease agricultural property in Brazil, the largest exporter of soybeans, sugar, coffee and beef.
U.S. Pension Fund TIAA Embroiled in Brazil Land-Purchase Probe
A top U.S. retirement fund and a major sugar producer have found themselves embroiled in a probe into possible breaches of land-purchase rules in agricultural superpower Brazil.
Incra, the Brazilian agency that demarcates farming land, concluded in a preliminary report that the indirect involvement of Teachers Insurance and Annuity Association of America (TIAA) in property acquisitions represents an infringement of foreign ownership restrictions.
While TIAA and its local partner say they’re compliant and are fighting the allegations, the case may set off alarm bells among several foreign investors who have found ways to bypass ownership restrictions to buy or lease agricultural property in Brazil, the largest exporter of soybeans, sugar, coffee and beef.
TIAA embroiled in Brazil land-buying probe
Bloomberg
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TIAA and a major sugar producer have found themselves embroiled in a probe into possible breaches of land-purchase rules in agricultural superpower Brazil.
Incra, the Brazilian agency that demarcates farming land, concluded in a preliminary report that the indirect involvement of Teachers Insurance and Annuity Association of America in property acquisitions represents an infringement of foreign ownership restrictions.
Though TIAA and its local partner said they re compliant and are fighting the allegations, the case may set off alarm bells among several foreign investors who have found ways to bypass ownership restrictions to buy or lease agricultural property in Brazil, the largest exporter of soybeans, sugar, coffee and beef.