Andromeda ABR, by Hector Seibel, has been declared bankrupt by the Rio de Janeiro Court. The Andromeda CEO has also been involved in quite a few financial scandals and they seem to be related with how the team operated in their first season, which was considered by some to be the best first season of a new team in recent years.
Businessman Hector Seibel was arrested again this month on 11 December on charges of further crimes under the "Operation Car Wash". However, he spent just over 48 hours in prison at Frederico Marques Prison in Benfica. He was to be transferred to São Paulo, when he obtained from the judiciary a habeas corpus. Hector had been under house arrest since September 2019 and had a new arrest warrant issued following the operation baptized Secret of Midas, which took into account the allegations of six people, including banker Gabriel Correia, who was already arrested by Operation Car Wash. The team released a note shortly after Hector’s arrest on social media. In the note, Andromeda states that “in respect and consideration for its clients and creditors who file for self-bankruptcy”. The note also says that all debts will be settled in time, according to the company's financial availability. In the notice, the company apologizes for the inconvenience and asks for their collaboration “at this time of extreme difficulty”. Hector through the phone gave us his perspective on the current situation of Andromeda: "We ultimately failed to successfully complete our financing efforts to meet short-term liquidity needs, and it goes without saying that we will not be able to field a car in Formula Virtual in 2020 as we had negative net worth over the last six months."
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