The amount transferred by banker Daniel Vorcaro for the production of the feature film “Dark Horse”, a biopic of former president Jair Bolsonaro, already exceeds the budget of two of the biggest recent hits in Brazilian cinema. According to journalist Malu Gaspar’s column, Vorcaro transferred R$62 million between February and May 2025, an amount that exceeds the R$28 million spent on “The Secret Agent” and the R$45 million on “I’m Still Here”, an Oscar-winning film. The case was revealed this Wednesday by The Intercept Brasil and confirmed by Globo.
The agreement would have been brokered by publicist Thiago Miranda, owner of the Mithi agency, who confirmed that he had presented the project to the banker at the request of federal deputy Mario Frias (PL-SP). According to Miranda, the total originally planned was R$134 million (the equivalent of almost five times the cost of The Secret Agent), but the transfers were interrupted after Vorcaro’s arrest and the fraud scandals involving Banco Master.
In the case of Secret Agent, a film starring Wagner Moura, the total production value was divided between Brazil, France, Germany and the Netherlands. According to data from Ancine, the Brazilian share was R$13.5 million, divided into R$7.5 million from the Audiovisual Sector Fund (FSA), a fund linked to the Ministry of Culture and operated by BNDES, and the difference comes from the private sector.
Furthermore, marketing the film cost R$4 million, R$750,000 of which was from the FSA. Another R$3 million for commercialization was financed through the Audiovisual Law, which allows individuals and legal entities to allocate part of their Income Tax to audiovisual works, selected by Ancine, through sponsorship.
The disparity becomes even more evident when compared to foreign productions from the last Oscar season that cost less than the amount passed on by Vorcaro. “Train Dreams”, an original Netflix production directed by Clint Bentley and starring Joel Edgerton, Felicity Jones and William H. Macy, was filmed for US$10 million. The Norwegian “Valor Sentimental”, by Joachim Trier, competed directly with The Secret Agent in the dispute for best international film with a budget of US$7.8 million.
For comparison purposes, “The Secret Agent”, directed by Kleber Mendonça Filho, won the award for best direction and best actor (Wagner Moura) at the Cannes Festival, in addition to Oscar nominations. “I’m Still Here”, by Walter Salles, won the Oscar for best international film and the Golden Globe for best actress for Fernanda Torres.
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“Dark Horse” is directed by Cyrus Nowrasteh and stars Jim Caviezel, known for the role of Jesus Christ in “The Passion of the Christ”, in the role of Jair Bolsonaro. The film follows behind the scenes of the 2018 presidential campaign, including the attack suffered by the then candidate in Juiz de Fora, Minas Gerais. The premiere was scheduled for September 2026, before the election for Planalto.
Understand the case
The Intercept report reproduces messages exchanged between senator Flávio Bolsonaro and the businessman, as well as records of financial transfers. Among the documents released is an audio sent by Flávio Bolsonaro to Vorcaro on the eve of the banker’s first arrest, on November 16, charging overdue payments. In a note, the senator confirmed the contacts, but stated that he only met Vorcaro in December 2024, after the end of his father’s government, and classified the contribution as private financing.
The collection of resources made by Flávio Bolsonaro occurred on September 8, 2025 at a time when those involved in production were having difficulties honoring assembly commitments.
“It’s a very decisive moment here in the film and as there is a lot behind it, man, everyone is tense and I’m worried about the opposite effect to what we dreamed of for the film”, says the senator, in an audio sent to the banker.
Another contact was also made two months later, one day before Vorcaro was arrested for the first time in Operation Compliance Zero, which investigates an alleged billion-dollar fraud scheme, passive and active corruption, money laundering and crimes against the financial system. “Brother, I am and will always be with you, there’s no such thing as half a conversation between us. I just need you to give me some light! Abs!”, says Flávio.
According to Miranda, the project came to him through Frias, who reported difficulties in raising funds for production. The publicist said he presented the proposal to Vorcaro, who agreed to join not as a sponsor, but as an investor, with the prospect of a financial return after the launch.
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The same intermediary stated that the banker’s participation was deliberately kept out of public knowledge. After the interruption of contributions, Frias would have attracted new investors to complete the filming, whose identities Miranda said he did not know.
