Panel SA: MRV heir criticizes Lula’s team in the transition and praises Guedes

The CEO of construction company MRV Engenharia, Rafael Menin, took to Twitter, this Monday (12), to complain about the economic policy adopted by the transitional government, considered wrong, according to the businessman.

“Market value of Brazilian companies fell around [R$] 500 billion in the last 45 days, the result of botched communication and a misguided economic policy chosen by the transition group. The bill has already arrived for Brazilian society and it could get worse,” Menin wrote on the social network.

The businessman did not detail his criticisms of the economics team working on Lula’s (PT) transition. The president-elect announced, on Friday (9), Fernando Haddad as finance minister.

In another tweet, published on Saturday (10), Menin had praised Jair Bolsonaro’s management at the Ministry of Economy and at the Central Bank, which were headed by Paulo Guedes and Roberto Campos Neto, respectively.

“Practically no major nation, with the exception of Brazil, managed to end 2022 in a better situation (inflation, growth and unemployment) than before the pandemic,” he said on his social network account.

According to Economatica, provider of analysis data for investors, the market value of Brazilian companies varied negatively by around 11.7% in the last two months. The percentage represents a loss of BRL 530 billion.

Rafael is the son of Rubens Menin, owner of MRV, a company that benefited from the turnaround in the construction sector during the PT governments, thanks to investments made in the Minha Casa Minha Vida social housing program.

Already in the Bolsonaro government, delays in the transfer to the program affected launches and sales of the construction company, which ended up burning cash.

Julio Wiziack (interim) with Paul Ricardo Martins and Diego Felix