Sao Paulo civil police have formally indicted two Goldman Sachs employees, Felipe Guerra Acosta and Natan Lima Reinig, in an alleged fraud scheme involving Oncoclinicas do Brasil Servicos Medicos, one of Brazil's largest cancer-treatment companies. The case centers on whether ownership stakes were structured through the Josephina I, II and later Josephina III investment vehicles to obscure the company's true ownership and avoid triggering a mandatory tender offer to minority shareholders. Under Oncoclinicas' bylaws, any party crossing a 15% ownership threshold would have to launch a public tender offer, or OPA, a mechanism aimed at protecting minority investors. Police estimate such an offer would have cost about R$6 billion, roughly $1.1 billion. The investigation focuses on disclosures made after Oncoclinicas' 2021 IPO that attributed indirect ownership of the Josephina funds solely to Goldman Sachs while omitting U.S. fund manager Centaurus, and on later explanations in November 2024 that police say conflicted with earlier market statements. Police said the information presented to Oncoclinicas, the CVM, B3 and shareholders was used to argue that no tender offer was required, ultimately blocking it. Goldman Sachs has said the allegations are unfounded and that it believes it acted appropriately. Oncoclinicas declined to comment.