Rio de Janeiro prosecutor sues Master Group over R$641 million loss to state pension fund

The Prosecutor General of Rio de Janeiro (PGE‑RJ) filed three judicial actions on 16 July against Master Corretora and the managers of its investment funds to recover roughly R$641.4 million lost by the state’s public pension plan, Rioprevidência. The losses stem from two funds overseen by the Grupo Master conglomerate, now in extrajudicial liquidation – the Revolution fund (where Rioprevidência invested about R$481.4 million) and the Texas I FIA fund (about R$150 million).

The PGE alleges that the Texas I FIA loss resulted from a “coordinated purchase” of Ambipar shares by trustee DTVM – a firm linked to the Operation “Carbono Oculto” money‑laundering probe – which artificially inflated prices. Regarding Revolution, the office says Acura, acting for the fund, approved rule changes in the FIDC Eicon that harmed cotistas, including Rioprevidência’s 10.7 % stake. The petition claims, “O Rioprevidência foi vítima de uma armadilha arquitetada pela administração e pela gestão do Texas I FIA, que vendeu ao ente público quotas de um fundo lastreado em uma ação desprovida de fundamento.”

PGE‑RJ seeks precautionary measures totalling R$616.6 million, requesting the Sisbajud system to block assets – real estate, vehicles, shares, brands, boats, aircraft and even cryptocurrency – of the defendants and their directors. The Texas I FIA fund was also found out of compliance with CVM rules, holding only 31 % of its assets in equities, below the required 67 %.