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The story of businessman Wagner Canhedo, who started out simple, was the owner of VASP and one of the largest farmers in Brazil, but saw his empire collapse and lost billions.
Stories of great success and failure mark the business world. In Brazil, an emblematic case is that of Wagner Canhedo. He was once the owner of one of the largest airlines in the country, VASP. He also owned a gigantic farm and was known as the “King of Cattle”.
Wagner Canhedo lived the height of business success and financial. Today, however, his situation is drastically different, almost the opposite of his glory days. How did he build his impressive empire? And what led the former billionaire to lose almost everything?
The beginning of Wagner Canhedo: from the workshop to fortune in Brasília
Wagner Canhedo Azevedo was born in 1936, in the interior of São Paulo, into a simple family. From an early age, he showed a willingness to work hard. He started out as an assistant in a mechanic's workshop. As a teenager, he demonstrated an entrepreneurial spirit by opening his own workshop at the age of 16.
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Shortly thereafter, in partnership with his father, he bought a truck and entered the transportation business. He began delivering cargo in the countryside. His big opportunity came with the construction of Brasília. In 1957, Wagner Canhedo it took a fleet eight trucks to the huge construction site of the new capital. Transporting materials for this historic project, he became rich quickly. At the age of 26, he was already considered a millionaire.
Wagner Canhedo's transport empire: Viplan and Vadel
With a vision for business, Wagner Canhedo reinvested the profits obtained in Brasília. He expanded his operations and diversified his ventures in the following decades. What started with one truck became an empire, especially in the road transport sector. In the 80s, Wagner Canhedo He ran a group of 17 companies. He employed around 15.000 people and moved more than 2 billion dollars a year.
Two companies stood out in this group. Viplan, founded by him in the 60s, was a giant in urban transportation in Brasília, having over 1000 buses. The other was the transport company Vadel, specialized in cargo, with a fleet of 300 trucks. It was about these operations that Wagner Canhedo consolidated his initial fortune, becoming one of the most powerful names in the Midwest.
Purchase of VASP
At the height of his power, Wagner Canhedo decided to take flight. In 1990, it entered the commercial aviation sector by purchasing VASP. The traditional airline belonged to the government of São Paulo and was facing a serious financial crisis, with debts of 750 million dollars. The then governor Oreste Quércia decided to privatize it. Wagner Canhedo, already a billionaire, bought 60% of the shares for 43 million dollars. The purchase was seen with hope by employees.
Initially, VASP underwent aggressive expansion under the leadership of Wagner Canhedo. The aircraft fleet almost doubled in one year, reaching 62 aircraft. The company dominated 36% of the domestic air market and operated 17 international routes. Seeking growth beyond borders, Wagner Canhedo acquired stakes in airlines in Bolivia (Lloyd Aéreo Boliviano) and Ecuador (Ecuatoriana Airlines).
The “King of Cattle”
In parallel with the expansion of VASP, Wagner Canhedo made a huge investment in agribusiness. In the 90s, he bought Fazenda Piratininga, one of the largest in Brazil. The property occupied more than 215 thousand hectares between Goiás and Tocantins, an area almost twice the size of the city of Rio de Janeiro. Wagner Canhedo invested more than R$400 million in the farm over the years.
The structure was impressive. It kept more than 100 head of cattle, which earned it the nickname “King of Cattle”. It had 3.600 km of internal roads, 304 concrete bridges, its own workshops, an airstrip and a fleet of agricultural machinery. There was even a leisure club. At its peak, the farm was valued at R$500 million, a symbol of the power of Wagner Canhedo.
VASP debts and hidden problems
Despite the image of prosperity, problems were piling up behind the scenes. The purchase of VASP always raised suspicions. There were signs of political support behind the scenes, involving figures such as PC Farias. Investigations and CPIs uncovered possible irregularities in the privatization.
The aggressive business style of Wagner Canhedo also generated friction and powerful enemies. While investing fortunes in the farm, VASP accumulated increasing debts, possibly neglected.
Bankruptcy, loss of farm and consequences
With the turn of the millennium, the financial situation of Wagner Canhedo began to collapse. The biggest blow came from VASP. The airline's debt reached around R$3 billion in the early 2000s, R$2 billion of which was owed to the government. Attempts to save the company failed. Salaries were delayed and flights were canceled. In 2005, VASP halted its commercial operations. Bankruptcy was declared in September 2008. Wagner Canhedo was removed from management.
The collapse of VASP had serious consequences. More than 15.000 former employees filed labor lawsuits. To pay part of the billion-dollar debt, the courts ordered that Fazenda Piratininga be transferred to creditors (employees) in 2008. After a long legal battle, the farm was auctioned off and sold. Wagner Canhedo He also faced tax and criminal proceedings. At the age of 77, he was arrested in Brasília by order of the Santa Catarina court, although he was released soon after. His public image was tarnished. Other companies of the group, such as Viplan, also faced problems and several assets were seized or auctioned.
The last years and the death of Wagner Canhedo
The empire of Wagner Canhedo, which once seemed unshakable, collapsed completely. VASP became a closed chapter in Brazilian aviation. Fazenda Piratininga was used to mitigate, albeit partially, the losses suffered by thousands of families. Other companies in the group also faced difficulties or were lost in lawsuits. In recent years, Wagner Canhedo He led a secluded and discreet life in Brasília, far from the spotlight that once surrounded him.
He told the truth, this journalist didn't pass the essay, he missed the end
An old saying goes: the bigger the tree, the harder it falls.!!!!
There was a lack of intelligence, a successful businessman can never do business with politicians, they are all corrupt ****.
The only ones who have done well so far are the Baptist brothers who are smarter than these politicians ****
Politicians are corrupt, and what are the businessmen who buy them? Remember that for there to be corruption, two agents are needed.
You didn't understand, I said that successful people don't need to do dirty work, and that's the case of Vagner Canhedo, a hard-working and honest man. Until he got involved with politicians, that's where it ended.
The butchers are the biggest **** that Brazil has ever had, **** they made fortunes with public money buying these **** PT members, they should have been hanged a long time ago!
Do you have preferential ****?
Your **** captain **** bolsonaro moved his **** to the military's meatpacking plant while he filled the **** of Agribusiness with public money to help carry out a coup d'état, but he was ratted out by Mauro Cid, his assistant, even so. I don't want to see them hanged along with you gadayado. I WANT TO SEE EVERYONE IN **** kkkkk NO AMNESTY, NO AMNESTY FOR THE COWARDLY CRYING CAPTAIN KKK
The day of payment will come too
The Baptist Brothers? 2 Butchers? The Hidden Owner is Another…
That was very smart. Do you know any successful businessman who doesn't have any dealings with the government?
I certainly know!! I also have no business dealings with public bodies
I don't know and I can't say for sure, but in my head, the Batista brothers are the pawns of a man who **** a lot and I still haven't discovered where he puts so much money. In addition to doing many things to benefit the Baptists!!