Analysis must be completed within 30 days before being delivered to the minister reporting the case in court, Jhonatan de Jesus
The president of the Federal Audit Court (TCU) confirmed, this Friday (2), that he is inspecting and analyzing the documentation related to. Vital do Rego confirmed the information to the newspaper Folha de S.Paulo. After evaluation by the technical unit, which will check for flaws and/or omissions, the documents will be sent to Jhonatan de Jesus, minister reporting the case. Analysis must be completed within 30 days.
“What the Central Bank sent us was a technical note. The documentation is at the bank, which it opened so that we could carry out the inspection, because that is our competence”, the president told the newspaper. He also stated that work continues normally despite the recess, and that TCU has on-call staff for this type of situation. “It is an absolutely common process, in which the court supervises the regulatory body,” he said, according to the newspaper.
Previously, the TCU questioned the settlement under the suspicion that the process may have been carried out in a “hasty” manner. The TCU’s questioning contrasts with the investigations conducted by the Central Bank itself and the Federal Police, which based the settlement on evidence of a R$12.2 billion loss. The investigations indicate that Banco Master had acquired false credit portfolios from the company Tirreno to simulate liquidity and honor the maturity of Bank Deposit Certificates (CDBs), hiding the institution’s real insolvency.
The BC’s measure affected four companies in the conglomerate: Banco Master SA, Banco Master de Investimentos SA, Letsbank SA and Master SA Corretora de Câmbio e Valores Mobiliários. The authority justified the decision by claiming that the problems were irreversible, the administration violated regulatory standards and creditors were exposed to severe risks.
Behind the scenes, the reception of the request for explanations was calm. The BC’s internal assessment is that the legal procedure was strictly followed, without missing steps. The perception of slowness, criticized by the market, is defended by the municipality as a necessary precaution to gather robust evidence and avoid the annulment of decisions in court, avoiding “voluntarism”. The president of the BC, Gabriel Galípolo, publicly reiterated that the institution’s stance prioritized legal and infra-legal aspects.
