Brazil’s Central Bank Orders Extrajudicial Liquidation of CBSF DTVM, Formerly Reag Trust

Overview

• Authorities said the small S4-segment institution was shut for severe violations of financial-system rules, with assets of controllers and ex-executives made unavailable under law.
• Funds administered by the firm remain legally segregated but are operationally frozen until the court-appointed liquidator convenes investor meetings to decide transfers to a new administrator.
• Federal investigations describe loans that cycled through Reag-managed vehicles and returned to Banco Master as CDBs, including R$1.45 billion in lending with about R$1.38 billion flowing back.
• The Public Prosecutor’s Office cites roughly R$5.775 billion in suspect operations involving related-party notes and fund structures, and police say relatives of key figures were used to obscure control.
• The liquidation follows rapid corporate reshuffling as Reag-linked units were sold or restructured, including a portfolio sale to B100/Planner and João Carlos Mansur’s exit with control shifting to Arandu Partners.