Holdings Under Scrutiny: Federal Police Operation Rekindles Debate on Asset Protection and Corporate Transparency

Expert warns about the difference between lawful planning and corporate simulation, emphasizing that true asset protection lies in transparency

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The recent Operation Sem Desconto, launched by Brazil’s Federal Police and the Federal Prosecution Service, has once again brought to the forefront the debate over the use of holding companies as instruments for asset management, succession, and protection. The investigation looks into an alleged billion-dollar scheme involving improper discounts on social security benefits and mentions prominent figures in the legal and business sectors.

Although no judgment of guilt has been made—since all individuals under investigation are protected by the constitutional presumption of innocence—the episode reignites discussion about the fine line between legitimate estate planning and the misuse of corporate structures for financial disguise.

“The use of holdings is a legitimate and, in many cases, advisable practice. The problem begins when such structures are created merely to conceal the ownership of assets or financial transactions without real economic substance,” explains tax attorney Tiago Leonardo Juvêncio, a specialist in estate and tax planning.

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According to Juvêncio, form should never override legal substance. “If a holding company lacks proper bookkeeping, consistent revenue, and effective management, it raises suspicion—even if its creation was initially lawful. That is precisely why the institution must be defended and preserved, as long as it is used with transparency and good faith,” he adds.

Transparency as the New Shield

With the growing integration of data among the Federal Revenue Service, the Financial Intelligence Unit (COAF), and the Central Bank, opaque corporate structures are no longer an effective shield. “Today, true asset protection is transparency. Reliable accounting records, coherent contracts, and alignment between financial flow and economic activity are the real tools of legal protection,” emphasizes Juvêncio.

The expert notes that in several sectors—especially real estate and family succession structures—holding companies remain valuable tools, provided they are backed by legality and sound governance. “In a country famous for clever formality, cleverness has lost its charm. The law remains the safest shelter, as long as it’s not used as a hiding place,” he remarks.

Juvêncio stresses that the debate sparked by Operation Sem Desconto should serve to educate the market, not to condemn individuals. “The instrument itself is neutral. What defines its nature is how it is used. This moment calls for maturity—to distinguish a lawful tool from its distortion. And until a final judgment is rendered, respect and the presumption of innocence must prevail,” he concludes.