Renan Calheiros seeks explanations on pension fund investments in Banco Master

Senator Renan Calheiros, chair of the Senate's Economic Affairs Committee (CAE), is intensifying his scrutiny of alleged fraud within Banco Master by focusing on financial dealings involving public pension funds. Calheiros has specifically requested explanations regarding substantial contributions made to the bank by the pension fund of Maceió, the capital of Alagoas state.

Calheiros aims to question João Felipe Borges, Maceió's Secretary of Finance, and Ronnie Reyner Mota, former president of Maceió's Pension Institute (Iprev). The senator is particularly interested in the R$ 97 million that Iprev invested in financial instruments issued by Banco Master, which lacked credit guarantee fund (FGC) coverage. This investment represents less than 10% of Iprev's total assets, which currently stand at R$ 1.4 billion, according to the institute.

The investigation is framed within a broader working group examining irregularities at Banco Master, owned by Daniel Vorcaro. Calheiros appears to be using this platform to challenge the administration of his political rival, João Henrique Caldas (JHC), the former mayor of Maceió. The senator also intends to invite Renan Calamia, CEO of the consulting firm Crédito e Mercado, which advised 7 of the 18 pension funds that invested in Master funds.

The Iprev of Maceió stated that the bank was authorized by the Central Bank and that the investment was within acceptable limits. However, Calheiros's move signals a potential political battleground over the management of public funds and the oversight of financial institutions, particularly targeting figures associated with his political opponents.