The Bank of Brasília (BRB) removed two former directors and three former superintendents suspected of involvement in irregularities in business dealings with Banco Master. They had already been removed from their positions at the end of last year, but continued working at branches because they are tenured civil servants. Now, they also stop acting in these functions.
The removal resulted from the opening of an administrative disciplinary proceeding (PAD) authorized by the bank's Board of Directors three weeks ago. In a statement, BRB said the removals were requested by the internal audit office "within the scope of internal investigations related to the Master ecosystem," reinforcing that these are precautionary measures that do not represent a prejudgment on the merits of the investigations.
Banco Master, led by Daniel Vorcaro, is the protagonist of the irregularities. Altogether, BRB purchased portfolios from Master worth R$ 21.9 billion. A significant portion of these assets, approximately R$ 12 billion, shows signs of lack of backing and structural inconsistencies, which motivated the investigations and the resulting removals.
