A degree in Mechanical Engineering from FEI University in Brazil provided the foundation for Germán Efromovich to build a diverse conglomerate with an estimated net worth of $1 billion. Born in La Paz in 1950, he navigated a career that spanned encyclopaedia sales, the oil sector, and the management of major regional aviation holdings across South America.
Early Life and Education
Efromovich was born to a family of Polish Jews who migrated to South America after World War II. After a period in Bolivia, the family relocated to Chile in 1955, residing in Arica. By 1964, they settled in São Paulo, Brazil. Following his primary education, Efromovich completed his mechanical engineering studies at FEI University. His early professional ventures included selling encyclopaedias, dubbing Mexican cinema into Portuguese, and operating a school in São Bernardo do Campo. During the 1980s, his school roster included Luiz Inácio Lula da Silva, the future President of Brazil.
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The foundation of Synergy Group originated in the Brazilian oil industry. Efromovich initially provided nondestructive testing services for Petrobras before expanding into the construction and leasing of oil rigs. His business interests eventually diversified into shipyards, power plants, and medical industry products. A significant shift in his investment strategy occurred following a South Atlantic oil rig loss and subsequent legal disputes, leading him toward the aviation sector.
Aviation Empire
Aviation ventures began by chance when a client provided two aircraft in lieu of cash payment, forming the basis of an air taxi service called OceanAir to transport staff between Rio de Janeiro and Macaé. In 2004, Efromovich acquired the Colombian airline Avianca for US$64 million, assuming US$220 million in liabilities. He later merged Avianca with the TACA Group in 2010 to form AviancaTaca, controlled by Synergy Aerospace Corp. In 2022, he took on the role of president for the Italian startup airline AeroItalia.
Legal Challenges and Controversies
In 2017, the Paradise Papers linked Efromovich and Avianca Holdings to offshore conglomerates operating in jurisdictions including Bermuda, Panama, and Cyprus. In August 2020, Efromovich and his brother José were arrested under Operation Car Wash regarding allegations of paying R$40 million in bribes to Petrobras and Transpetro executives to secure shipbuilding contracts at the Eisa shipyard. While preemptive arrests were later lifted in November 2020, Efromovich remains subject to strict judicial injunctions, including travel restrictions and a prohibition on managing his companies.
Fast facts
- Born: 1950, La Paz, Bolivia
- Estimated Net Worth: $1 billion
- Citizenships: Poland, Brazil, Colombia, Bolivia
- Spouse: Hilda
- Brother: José Efromovich
- Notable Merger: Avianca and TACA (2010)
- 2022 Role: President, AeroItalia
Questions readers ask
What is the origin of Efromovich's aviation business?
It began with an air taxi company called OceanAir, formed after a client provided two aircraft as payment for a business debt.
Why was Efromovich arrested in 2020?
He was arrested as part of Operation Car Wash for alleged involvement in a bribery scheme involving Petrobras and Transpetro executives.
