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Brazil investigates Rio state pension fund's R$3.6 bn investment in Banco Master
The Federal Supreme Court (STF) authorized police searches targeting former Rio de Janeiro governor Claudio Castro and former RioPrevidência executives after the Federal Police identified alleged irregularities in the state pension fund’s investment of roughly R$3.6 billion in Banco Master. Investigators say the fund’s former president Deivis Marcon Antunes helped channel the money into letters and investment funds linked to Banco Master in exchange for political favors, bypassing technical criteria. Search and seizure warrants were executed at Castro’s residences and at locations connected to RioPrevidência’s former management.
The probe, part of the eighth phase of Operation Compliance Zero, alleges an “almanaque de irregularidades” in the fund’s management and examines potential bribery and fraud affecting the pension scheme that serves Rio state public servants.