Exhibit 12.2

CERTIFICATION

I, Carlos Andre Studart Lins de
Albuquerque, certify that:

|1. | I have reviewed this annual report on Form 20-F of ITSA Ltd.;
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|2. | Based on my knowledge, this annual report does not contain any untrue statement
          of a material fact or omit to state a material fact necessary to make the
          statements, in light of the circumstances under which such statements were made,
          not misleading with respect to the period covered by this annual report;
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|3. | Based on my knowledge, the financial statements, and other financial information
          included in this annual report, fairly present in all material respects the
          financial condition, results of operations and cash flows of the registrant as
          of, and for, the periods presented in this annual report;
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|4. | The registrants other certifying officer and I are responsible for
          establishing and maintaining disclosure controls and procedures (as defined in
          Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
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| | a) | designed such disclosure controls and procedures, or caused such disclosure
                    controls and procedures to be designed under our supervision, to ensure that
                    material information relating to the registrant, including its consolidated
                    subsidiaries, is made known to us by others within those entities, particularly
                    during the period in which this annual report is being prepared;
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| | b) | evaluated the effectiveness of the registrants disclosure controls and
                    procedures and presented in this report our conclusions about the effectiveness
                    of the disclosure controls and procedures, as of the end of the period covered
                    by this report based on such evaluation; and
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| | c) | disclosed in this report any change in the registrants internal control
                    over financial reporting that occurred during the period covered by the annual
                    report that has materially affected, or is reasonably likely to materially
                    affect, the registrants internal control over financial reporting; and
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|5. | The registrants other certifying officer and I have disclosed, based on
          our most recent evaluation of internal control over financial reporting, to the
          registrants auditors and the audit committee of registrants board of
          directors (or persons performing the equivalent function):
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| | a) | all significant deficiencies in the design or operation of internal control over
                    financial reporting which are reasonably likely to adversely affect the
                    registrants ability to record, process, summarize and report financial
                    data information; and
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| | b) | any fraud, whether or not material, that involves management or other employees
                    who have a significant role in the registrants internal control over
                    financial reporting.
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|June 30, 2004 |  | By: /s/ Carlos Andre Studart Lins de Albuquerque     
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       Carlos Andre Studart Lins de Albuquerque
       Chief Executive Officer
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