Cine Belas Artes, one of São Paulo’s traditional street cinemas, announced on Friday (11/28) that it has ended its partnership with Reag Capital Holding, which has lent its name to the space since 2024.
The contract with Reg was signed in January last year and will be valid for five years, with the possibility of extension. Belas Artes has already begun a campaign to find a new sponsor to ensure the cinema’s operation.
Reag Capital Holding was the controller of Reag Investimentos, one of the targets of Operation Hidden Carbon, launched by the Federal Revenue Service and other bodies in August this year, to dismantle a billion-dollar fraud and money laundering scheme in the fuel sector involving members of the Primeiro Comando da Capital (PCC), fintech companies and investment funds from Faria Lima.
What Bellas Arts says
Bellas Arts said in a statement that the termination of the contract was “amicable” and determined by “mutual agreement.” According to the company, the decision was made due to market changes and the new moment for the company, which until then had been sponsoring cinema. “Reg’s support has been essential and we are grateful for this period of collaboration,” said Bellas Arts.
“Our paths have diverged and we now intend to start a new phase: always emphasizing that brands can effectively promote culture – with one eye on preserving heritage and the other on building a richer, more vibrant and creative future. This is to show commitment to community development and expanding access to art and culture,” the company added, in a memorandum signed by Belas Artes Grupo president and Cine Belas Artes curator Andre Sturm.
With the end of the partnership, companies interested in sponsoring Cine Belas Artes should contact the company’s management and send proposals via email to contato@belasartesgrupo.com.br.
The potential new agreement provides for a five-year partnership, with the possibility of extension, to maintain and revitalize the space.
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Cine Belas Artes, in SP, closes new sponsorships and will continue to operate
Partnership history
In 2011, due to lack of patronage, Belas Artes was forced to close its doors. At that time, a movement called Belas Artes Meu Amor was launched, putting pressure on public authorities to preserve the place.
The cinema was reopened in 2014, sponsored by Caixa, and its facade was listed by the Council for the Defense of the Historical, Archaeological, Artistic and Tourist Heritage of the State of São Paulo (Condefat).
The partnership with Grupo Petrópolis in turn lasted from 2019 until the end of 2023. In January 2024, Reg took over the contract.
Cine Belas Artes was founded almost 60 years ago, in 1967. The cinemas are located in a distinctive building on Rua da Consolação, in the capital of São Paulo.
Reg changed her name
Reag Investimentos recently changed its company name to Arandu Investimentos. The change was approved at the shareholders meeting held on the 21st.
As of December 3, the company’s shares will be traded on the Brazilian Stock Exchange (B3) under the symbol ARND3 – replacing the ticker REAG3.
The trading name will also be changed – from REAGINVEST to ARANDU.
In early September, Rig Capital Holdings reported that the company’s advisory board had been dissolved following widespread resignations by its members. It was an optional and non-statutory advisory body of the Board of Directors.
Reg was one of the country’s largest independent directors, that is, with no ties to banks. The company stated on its website that it has 299 billion Brazilian reais under management. The company’s founder was businessman João Carlos Mansur.
The new renamed Arandu Investimentos is led by Dario Graziato Tanori, who serves as CEO and Head of Investor Relations. The CEO is also a member of the company’s board of directors.
Hidden carbon process
At the time of launching Carbono Oculto, Rigg stated that there was no involvement of the company in illegal activities and that many of the funds mentioned in the operation were not under its management at all. The company also said it maintains strict internal controls to prevent and combat money laundering.
“With regard to the investment funds in which the company acted as a service provider, it states that it acted regularly and diligently. It should be noted that these funds have been subject to assignment or liquidation for months. It also confirms that it does not have and has not had any involvement in the economic or commercial activities undertaken by these clients,” Rigg said in a note.
At the time, the company confirmed that “search and seizure warrants were executed at its headquarters within the scope of Operation Hidden Carbon.”
“This is an ongoing investigation. The companies state that they are fully cooperating with the relevant authorities, providing the requested information and documents, and will remain available for any additional clarifications that may be necessary,” Rigg said.
The company added: “The companies will keep their shareholders and the market informed of the development of the matters covered by this material fact.”