New documents released by Intercept Brasil this Tuesday (9) point out the existence of a financial structure used to make the film Dark Horse viable, a production inspired by the political trajectory of former president Jair Bolsonaro (PL).
According to the report, contracts, spreadsheets and bank receipts indicate an operation estimated at almost US$24 million, equivalent to around R$134 million at the exchange rate at the time.

The material published on the website describes a schedule of international contributions and indicates that part of the resources would go to the Havengate Development Fund LP, a fund controlled by Paulo Calixto, lawyer for former federal deputy Eduardo Bolsonaro (PL).
According to one of the spreadsheets obtained by Interceptthe financing structure provided for 14 disbursements distributed between January 2025 and January 2026.
The first two contributions, of US$2 million each, were scheduled for January 2025. Records, however, indicate that the transfers would have been made later, in February and March of that year.
The remainder of the schedule provided for 12 installments of approximately US$1.66 million each. Part of these payments would have been made between March and May, increasing the amount already transferred to around US$10.6 million, according to the documentation analyzed by the website.
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Conversation mentions late installments
The report also reproduces an exchange of messages attributed to businessman Thiago Miranda and Daniel Vorcaro.
In a conversation dated August 7, 2025, Miranda forwards a spreadsheet and informs that two installments were late, while a third would be due that month.
According to the InterceptVorcaro responded to the message stating: “We’ll do two on Monday.”
In evaluating the vehicle, the dialogue suggests that new releases of resources were still being negotiated at that time and may indicate that the volume actually allocated to the project exceeded the US$ 10.6 million identified in the spreadsheet.
Among the documents released is a receipt issued by the SWIFT system, a platform used by financial institutions for international transfers.
The record, according to the report, shows a remittance of resources abroad related to the financial structure of the project.
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O Intercept states that the documents help to map the flow of payments linked to the film and identify the financial vehicles used to move the amounts.