Producer declares R$75 million spending for 'Dark Horse,' film exhibition may be delayed after controversy

A private investigation commissioned by Go Up Entertainment asserts that the film "Dark Horse," produced in tribute to former President Jair Bolsonaro, incurred a total cost of $13.4 million, equivalent to approximately R$ 75 million. The report, attached to a police inquiry, claims the production received no public incentives or funds, aiming to preemptively counter allegations of misused public money.

The inquiry suspects that funds were diverted from a contract between the São Paulo City Hall and Instituto Conhecer Brasil, an organization headed by Karina Ferreira da Gama, the owner of Go Up Entertainment. The defense's "preventive investigative expertise" aims to demonstrate the absence of illicit fund diversion.

Beyond the alleged misuse of public resources, the film's total cost has drawn scrutiny following the leak of an audio recording. In the recording, Senator Flávio Bolsonaro, reportedly a presidential candidate, allegedly asks Daniel Vorcaro, former controller of Banco Master, for the transfer of funds to finance the production.

The private investigation's report details expenses in Brazil between June 1, 2025, and June 4, 2026, totaling R$ 20,927,664.75 (approximately $3.7 million). Production costs in the United States were calculated at $9.66 million, bringing the total to $13.39 million. This figure represents about 56% of the R$ 134 million reportedly discussed in negotiations involving Flávio Bolsonaro and Daniel Vorcaro, as revealed by The Intercept Brasil.

A central point of the report is the involvement of Havengate Development Fund LP, a U.S.-based fund. According to the investigation, Havengate entered into an investment contract for the film on February 24, 2025. To date, contributions attributed to Havengate amount to $13.3 million, matching the declared total production cost. Havengate is reportedly managed by Paulo Calixto, a lawyer associated with Eduardo Bolsonaro, Jair Bolsonaro's son who resides in the U.S. While the report maintains that the analyzed funds have private origins, its conclusions are limited to the documents provided by the defense. The report does not mention Vorcaro or other potential financiers, despite the former banker having previously paid R$ 61 million to finance the film. The investigation states that the contract with Havengate, along with bank statements and financial records, indicates private funding sources. It found no evidence of public funds, tax incentives, Lei Rouanet, or resources from the São Paulo City Hall within the examined material.