Toffoli Upholds Recess Hearing in Banco Master Probe, Keeps Central Bank Director in Confrontation

Overview

• The minister rejected a Central Bank request for clarification and a Prosecutor General plea to suspend the procedure, maintaining the December 30 hearing under court secrecy during the judicial recess.
• The acareação will put Banco Master owner Daniel Vorcaro and former BRB president Paulo Henrique Costa face to face with BC supervision director Ailton de Aquino, whom Toffoli emphasized is not under investigation.
• The session is set for 2 p.m. Tuesday by videoconference as part of an STF inquiry into alleged fraudulent credit portfolios tied to the attempted sale of Master to BRB.
• Federal Police findings in Operation Compliance Zero cite suspected false titles and credit sales in the tens of billions of reais; the Central Bank vetoed the deal and liquidated Banco Master in November for lack of funds to meet obligations.
• Major associations representing banks and markets (ABBC, Acrefi, Febraban, Zetta, and separately Anbima) defended the BC’s technical independence, while the Central Bank auditors’ association criticized the hearing as undue pressure on technical staff; reports indicate the BC’s legal team is weighing a mandado de segurança to challenge the move.