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Ambipar, Environmental Sector Giant, Faces Allegations of Irregularities Following the Disappearance of Billions of Reais from Its Cash, Plunging into a Crisis That Shook the Market and Called Its Corporate Governance into Question.
Ambipar, known in the environmental management sector for its global expansion and presence in dozens of countries, has become the center of one of the largest corporate scandals in recent Brazil.
The company reported having R$ 4.7 billion less in cash than previously recorded, which led to the filing for judicial recovery on October 20, in the Rio de Janeiro Court of Justice.
The case raised suspicions of financial irregularities and called into question the transparency of the group’s operations.
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Acquisitions and Accelerated Growth
In recent decades, Ambipar has built a reputation as an innovative company, operating in 40 countries and conducting about 80 acquisitions of companies linked to the environmental sector.
The accelerated growth model, however, began to be questioned by analysts starting in 2020.
According to financial market specialists, the group purchased businesses with operational and financial difficulties, which increased debt and reduced the ability to control new operations.
These factors, analysts point out, contributed to the increase in leverage and the gradual loss of investor confidence.
The financial deterioration intensified in September 2025, when the company obtained a precautionary measure in court that prevented creditors from immediately collecting their debts.
The decision avoided the so-called cross default — a clause that accelerates the maturity of all debt contracts when one of them is breached — but did not contain the market’s negative reaction.
Shares recorded a cumulative drop of more than 90% over a 30-day period, according to data from B3.
Issuance of Bonds and Currency Derivatives
Part of the crisis is related to the issuance of green bonds, debt securities aimed at sustainable projects.
In 2024, Ambipar raised US$ 550 million, maturing in 2031, and resorted to currency swap derivatives to protect itself from currency fluctuations.
According to consulted specialists, this type of contract is used to “lock in” the value of the currency but can become risky if there is an imbalance in guarantees or contract amendments.
In January 2025, the company made a new issuance of US$ 493 million, allocating part for payment of the previous bond and part for new projects.
However, in August 2025, a creditor bank demanded an additional margin of R$ 60 million as collateral, in light of instability in bond prices and currency depreciation.
According to market sources, Ambipar did not make the deposit.
The contract stipulated that, in case of default, the operation could be accelerated — which increased pressure on the company’s finances and raised doubts about its repayment capacity.
Billion-Dollar Debt and Creditor Reactions
Market reports indicate that Ambipar’s debt, which was estimated at around R$ 2 billion in 2020, has now exceeded R$ 11 billion in 2025.
This increase, according to analysts, resulted from the intense pace of acquisitions and the use of complex financial instruments.
Industry sources claim that the precautionary relief granted by the courts was essential to avoid a judicial run by creditors.
Otherwise, there would have been a risk of simultaneous contract enforcement and asset blocking, which could have interrupted part of the group’s operations.
Experts also point out that, although contractual guarantee clauses are common in this type of operation, the high volume of interconnected commitments increased the company’s vulnerability to currency and credit fluctuations.
Drop in Shares and Changes in Management
The impact of the crisis was immediate in the stock market.
On October 1, Ambipar’s stock opened at R$ 8.72 and closed at R$ 7.14.
Five days later, on October 6, it finished trading at R$ 0.91, according to data from B3.
During this period, the market witnessed significant changes in the upper management.
João Arruda, former executive of Bank of America, took over as the financial director in August 2024 and left the position one week before the precautionary relief request.
For governance analysts, the departure of executives amid financial crises indicates internal disagreements or prior knowledge of structural problems.
The founder Tércio Borlenghi Júnior, who started the company at the age of 25 and became one of the best-known names in the environmental sector, saw the company’s market value plummet.
Sources close to the management report that strategic decisions made in recent years, combined with currency and credit factors, contributed to the liquidity crisis.
Investigations and Possible Developments
Parts of the case are already under police investigation, according to information confirmed by sources linked to the company.
Corporate law specialists anticipate a phase of prolonged litigation, involving creditors, former executives, and financial institutions.
There is still no conclusion about the exact origin of the cash disappearance.
Analysts point out that management failures, incorrect risk calculations, and poorly structured financial operations may have contributed to the outcome.
So far, there is no evidence that the episode involves deliberate fraud, and investigations are seeking to clarify this possibility.
Official Position of Ambipar
In a statement, Ambipar asserted that the judicial recovery request aims to ensure the continuity of operations and preserve jobs.
The company explained that the option for the Rio de Janeiro courts is due to the fact that its units in the state account for the largest volume of the group’s revenue, contracts, and income.
The company also stated that the contract amendments applied by financial institutions have transformed operations originally intended for currency protection into instruments of a speculative nature, which would have amplified financial risk.
According to the statement, Ambipar “is continuing to operate normally” and is cooperating with the competent authorities.
With investigations underway and declining investor confidence, the market is still trying to understand who will be held responsible for the disappearance of R$ 4.7 billion and which decisions allowed Ambipar’s cash to reach this point.
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