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The Story of Businessman Wagner Canhedo, Who Started Simple, Was Owner of VASP and One of the Biggest 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, being known as the “King of Cattle”.
Wagner Canhedo lived the height of business and financial success. Today, however, his situation is drastically different, almost opposite to the 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, to a humble family. From an early age, he showed a willingness to work hard. He started as an assistant in a mechanic shop. Still a teenager, he demonstrated an entrepreneurial spirit by opening his own workshop at the age of 16.
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Shortly after, in partnership with his father, he bought a truck and entered the transportation business. He began making cargo deliveries through the countryside. The big opportunity arose with the construction of Brasília. In 1957, Wagner Canhedo took a fleet of eight trucks to the enormous construction site of the new capital. Transporting materials for this historic project, he quickly became wealthy. By the age of 26, he was already considered a millionaire.
The Transport Empire of Wagner Canhedo: Viplan and Vadel
With a vision for business, Wagner Canhedo reinvested the profits earned in Brasília. He expanded his operations and diversified his ventures in the following decades. What started with a truck transformed into an empire, especially in the road transport sector. In the 1980s, Wagner Canhedo led a group with 17 companies. He employed around 15,000 people and generated more than $2 billion a year.
Two companies stood out in this group. Viplan, founded by him in the 1960s, was a giant of urban transport in Brasília, with over 1,000 buses at its peak. The other was the carrier Vadel, specializing in freight, with a fleet of 300 trucks. It was upon 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 reach for higher skies. In 1990, he entered the commercial aviation sector by purchasing VASP. The traditional airline was owned by the government of São Paulo and was facing a severe financial crisis, with debts of $750 million. The then governor Oreste Quércia decided to privatize it. Wagner Canhedo, already a billionaire, acquired 60% of the shares for $43 million. The purchase was seen with hope by the employees.
Initially, VASP underwent aggressive expansion under the management of Wagner Canhedo. The fleet of planes nearly doubled in a year, reaching 62 aircraft. The company dominated 36% of the domestic air market and operated 17 international routes. Seeking growth beyond borders, Wagner Canhedo acquired stakes in airlines from Bolivia (Lloyd Aéreo Boliviano) and Ecuador (Ecuatoriana Airlines).
The “King of Cattle”
Alongside the expansion of VASP, Wagner Canhedo made a gigantic investment in agribusiness. In the 1990s, he purchased Fazenda Piratininga, one of the largest farms in Brazil. The property spanned over 215,000 hectares between Goiás and Tocantins, an area nearly twice the size of the city of Rio de Janeiro. Wagner Canhedo invested over R$ 400 million in the farm over the years.
The structure was impressive. It maintained over 100,000 head of cattle, earning him the nickname “King of Cattle”. It owned 3,600 km of internal roads, 304 concrete bridges, its own workshops, a landing strip, 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 Wagner Canhedo’s power.
Debts of VASP and Hidden Problems
Despite the image of prosperity, problems mounted behind the scenes. The purchase of VASP always raised suspicions. There were indications 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 was accumulating growing debts, possibly neglected.
Bankruptcy, Loss of the Farm and Consequences
With the turn of the millennium, Wagner Canhedo’s financial situation began to crumble. The main blow came from VASP. The airline’s debt reached about R$ 3 billion in the early 2000s, with R$ 2 billion owed to the government. Attempts to save the company failed. Salaries were delayed, 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 severe consequences. Over 15,000 former employees filed labor lawsuits. To pay part of the billion-dollar debt, the court ordered that Fazenda Piratininga be transferred to creditors (employees) in 2008. After a long legal battle, the farm was auctioned and sold. Wagner Canhedo also faced tax and criminal lawsuits. At 77, he was briefly imprisoned in Brasília by order of the judiciary from Santa Catarina, though he was released shortly after. His public image was tarnished. Other companies in the group, such as Viplan, also faced problems, and various assets were seized or auctioned.
The Last Years and the Death of Wagner Canhedo
The empire of Wagner Canhedo, which once seemed unshakable, crumbled completely. VASP became a closed chapter in Brazilian aviation. Fazenda Piratininga was used to mitigate, albeit partially, the losses of thousands of families. Other companies in the group also faced difficulties or were lost in legal proceedings. In his last years, Wagner Canhedo led a reclusive and discreet life in Brasília, away from the limelight that once surrounded him.
Fui funcionario do Grupo Canhedo no setor de Contabilidade durante quase 11 anos, acompanhei tudo isso, comecei a trabalhar em 1983 e saí em 1994. Uma grande empresa, mas infelizmente o maior erro do Sr. Wagner foi ter entrado no ramo de aviação, até então as empresas tinham seus problemas mas sempre eram resolvidos. assumiu uma divida muito alta para adquirir a VASP. Seu erro.
Até onde eu sei, o que acabou com ele foi a arrogância. Deserdou uma filha, por ela ter se casado com um homem negro.
Que jornalzinho meia boca kk