Galípolo Testifies on Banco Master, Citing Technical Autonomy

Overview

• Gabriel Galípolo, testifying Wednesday to the Senate’s Organized Crime inquiry, said President Lula told him to handle Banco Master strictly on technical grounds without showmanship, while former Central Bank chief Roberto Campos Neto again skipped the session.
• Galípolo said the eight‑year confidentiality on Master’s liquidation records follows a 2018 rule and argued the Central Bank must follow the strictest procedures to avoid future legal challenges.
• Detailing a December 2024 meeting at the presidential palace, he said owner Daniel Vorcaro claimed the market was persecuting Master and that Lula replied the matter belonged to the Central Bank and should be treated technically.
• Addressing contacts with Supreme Court justices, Galípolo said his talks with Alexandre de Moraes focused on the Magnitsky law, which concerns sanctions, and he stressed a fiduciary duty to protect any family financial data.
• In a separate interview Wednesday, Lula blamed the Bolsonaro era and Campos Neto for enabling Master’s rise, urged Moraes to consider recusal because his wife’s firm worked for Master, and cautioned that any plea deal by the detained owner, Vorcaro, must be backed by proof as the Senate inquiry nears its April 14 deadline.