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Banco de BrasÃlia (BRB) is seeking to recover approximately R$978.3 million (roughly $195.6 million USD) in consigned credit from a former president currently under investigation in connection with the Master case, according to multiple reports.
The bank is also pursuing R$799,000 (approximately $159,800 USD) from the former president, with an additional R$49,000 (around $9,800 USD) previously blocked due to unpaid property obligations, Metrópoles reported.
An audit of BRB has revealed deficiencies that facilitated the purchase of loan portfolios related to the Master case, InfoMoney detailed. The investigation, led by the Public Prosecutor’s Office, centers on the former president’s alleged involvement in the scheme.
The Public Prosecutor’s Office is advancing its inquiry into the extent of the former BRB president’s participation in the Master case, Folha de S.Paulo reported on March 14. The case involves alleged irregularities in the sale of credit portfolios.
BRB is reportedly attempting to recover the funds to mitigate financial losses stemming from the transactions, Diário do Estado noted. The bank’s efforts reflect a broader attempt to address the fallout from the scandal.
The investigation is ongoing, and further details are expected to emerge as the Public Prosecutor’s Office continues its perform. The situation highlights the increasing scrutiny of financial institutions and their lending practices in Brazil.
