Minister Jhonatan de Jesus, rapporteur of the process that investigates Banco Master at the Federal Audit Court (TCU), is expected to issue an order to the Central Bank (BC) this Monday demanding explanations regarding the decree of the institution’s liquidation.
The document must also contain the designation of the technical team that will carry out the “on-site” analysis, at the BC itself, of the documents contained in the processes that supported the BC’s decision to liquidate the Master.
Technicians will have 15 days to analyze all documentation, extendable for another 15 days, to complete the work and send the result to the rapporteur. He has told assistants that he intends to wait for this period, but that he will issue “alerts to the BC”.
Continues after advertising
There is fear that the rapporteur will issue an injunction suspending the liquidation of Master, by Daniel Vorcaro.
According to interlocutors, the rapporteur wants to know whether the BC, the regulatory body of the financial system, was slow to act in relation to the Master. Another issue discussed internally at TCU is the reasons for Vorcaro’s arrest by the Federal Police on the eve of the decree of Master’s liquidation, on November 18th.
The minister also assesses whether the BC adequately evaluated the Fictor Holding group’s proposal to capitalize Master by R$3 billion, with the support of Arab investors. The proposal was made after the BC rejected the deal between Master and Banco de Brasilia (BRB), in September. The transaction between the two institutions had been announced six months earlier, at the end of March 2026.
During the process of analyzing the transaction between BRB and Master, the BC identified the issue of unbacked bonds, called bad bonds, in the Master’s portfolio. The deal ended up being reduced and even so, it was not approved by the monetary authority.
The BC sent the TCU a technical note last week in which it outlined the reasons that resulted in the decree of Master’s liquidation. In the document, the BC also reported that it notified the Federal Public Ministry about the existence of irregular operations by Master with investment funds.
But, according to ministers interviewed by GLOBO, the BC did not send documents proving that the liquidation of Vorcaro’s bank was the right decision.
Continues after advertising
The settlement is still ongoing and an injunction canceling the settlement could harm the process. With the measure, the Credit Guarantee Fund (FGC) will ensure amounts owed to creditors, individuals and legal entities, of up to R$250 thousand per CPF/CNPJ, will be paid to creditors.
Payment is made after the information has been consolidated by the liquidator. The TCU fears that the sale of the assets could result in losses in the future.
The TCU recognizes that the prerogative to liquidate a financial institution belongs to the BC. But the court entered the case, under the argument that it acts as a controlling body and therefore has the duty to verify whether all stages of the process, which resulted in the Master’s liquidation, were complied with. According to legislation, it is up to the regulator to adopt the solution that is least harmful to the treasury.
Continues after advertising
The case is also being investigated by the Federal Supreme Court (STF), in addition to the PF.
