Neymar’s $50M worth of assets frozen by Brazil court

Accused of tax evasion between 2011 and 2013, Barcelona forward Neymar faces judicial process and federal court in Sao Paulo orders freezing his assets, including yacht, jet and several properties

Photo by: Reuters
Photo by: Reuters

Barcelona's soccer player Neymar walks past a National Police officer as he arrives to testify at Spain's High Court in Madrid, Spain, February 2, 2016

A federal court in Sao Paulo has blocked Barcelona striker Neymar from using almost $50 million worth of assets, including a yacht, a jet and properties, officials told Reuters on Tuesday.

The move was taken as the 24-year-old Brazilian is accused of tax evasion between 2011 and 2013.

The court froze $46.7 million in assets last September, but Neymar had been free to use those assets until now. Officials also corrected the amount to $47.5 million.

"Official documents were sent to several entities such as port authorities, offices that register properties, and civil aviation authorities [so that Neymar no longer has use of these assets]," the judge said in a statement sent to Reuters.

An appeal to block the footballer's future earnings was, however, rejected, officials said.

Among the assets frozen are three companies of which he and his father are the principal owners. Prosecutors accuse Neymar of setting up companies as fronts in order to pay a lower rate of tax.

Neymar is accused of not paying $15.7 million in taxes between 2011 and 2013. The judge froze three times that amount for security reasons and to cover potential interest and fines, according to a judicial order explaining the seizure.

Neymar's total assets were given as $60.4 million.

Neymar has denied any wrongdoing.

TRTWorld, Reuters