Former mayor of Salvador also received almost R$1.8 million from the resource manager Reag
Former mayor of Salvador ACM Neto (União Brasil)pre-candidate for the government of Bahia, received R$ 1.7 million from Banco Mastercontrolled by Daniel Vorcaroand 1.8 million from the resource manager Reag. The information was revealed by the newspaper O Globo this Wednesday (11).
The values appear in a report from the Financial Activities Control Board (Coaf), an intelligence agency linked to the Central Bank of Brazil. According to the document, the transfers were made through one of ACM Neto’s companies after the 2022 elections, between December of that year and the period from March 2023 to May 2024.
The payments were destined to the company A&M Consultoria Ltda., of which ACM Neto is a partner alongside his wife. The company was opened on December 28, 2022, with share capital of R$2,000.
According to data from the Federal Revenue Service, the company’s main activity is provision of business management consultancy services and, as a secondary activity, acting “in support of education”.
In the report, Coaf claims to have identified financial movements considered high. “We identified that, in the period analyzed, the company moved significant resources, above its declared financial capacity”, says the document.
When contacted by O Globo, ACM Neto stated that the amounts received refer to the provision of consultancy services. In a note, he stated that he formed the company after leaving public office and that it began providing services to different clients, including Banco Master and Reag.
“This has always occurred with formal contracts, with due tax collection and consultancy work actually carried out, notably related to the analysis of the national political-economic agenda”, stated the former mayor.
ACM Neto also declared that, during the period of the contracts, there was no fact that discredited the contracting companies. According to him, the services provided are not related to ongoing investigations and the amounts received are compatible with the declared income and other consultancy work carried out in the same period.
Master Case
The settlements of the decreed by the in November 2025, and the investment manager Reag, on Thursday (15), revealed one of the most serious episodes in the Brazilian financial system.
The case involves suspected billion-dollar fraud, use of investment funds to hide losses, rescue attempts via a public bank and tensions between the Federal Supreme Court (STF) and the Federal Audit Court (TCU) with the BC and the Federal Police (PF).
“The decree of the special regime in institutions was motivated by the serious liquidity crisis of the Master conglomerate and the significant compromise of its economic and financial situation, as well as by serious violations of the rules that govern the activity of the institutions that are part of the SFN”, informed the BC in a note at the time.
Extrajudicially, Banco Master S/A, Banco Master de Investimento S/A, Banco Letsbank S/A, and Master S/A Corretora de Câmbio, Títulos e Valores Mobiliários were liquidated.
The Banco Master liquidation process was accompanied by Operation Compliance Zerolaunched by the PF to combat the issuance of false credit titles by financial institutions that are part of the National Financial System (SFN).
Banco Master
