Banco Master scandal involves loan to Febraban chief and dubious R$57.9 million transfer

The liquidator of Banco Master listed a R$5.5 million credit granted in 2020 to Isaac Sidney, president of Brazil's banking federation (Febraban), to finance an apartment purchase in São Paulo. Sidney's defense presented partial documentation but omitted transfer receipts, leaving the source of funds unverified.

Separately, Banco Master moved R$57.9 million between 2024 and 2025 to Copenhagen Assessoria e Consultoria, a newly created firm with a R$40 capital base. The company is owned by an Estonian multi‑strategy investment fund linked to Daniel Vorcaro, CEO of Master, and is under Federal Police investigation for alleged asset concealment. The transfer raises further questions about the bank’s compliance and governance practices.