The Rio de Janeiro court allowed Rioprevidência to retain amounts to be deducted from Credcesta’s payroll as a form of security for the recovery of R$970 million invested by the Rio de Janeiro pension fund in Banco Master. The decision was made by Judge Georgia Vasconcelos, of the Second Public Finance Court, and comes in response to a request made by the state government.
Credcesta is a payroll card, and its main issuer and distributor was Master. With the extrajudicial liquidation of the bank, the management of the funds deposited by Banco Bellino began.
According to the Rio Court’s decision, the amounts to be deducted from Rioprevidência’s payroll will now be kept in a separate current account until a final decision is made on the Banco Master case. The Rio de Janeiro pension fund invested nearly R$ 1 billion in the institution in financial bills between October 2023 and August 2024, despite warnings about the risks of operations.
The Vasconcelos decision sets out as follows: “Allowing the amounts owed to the Respondents as transfers of payroll loans, concluded with civil servants, pensioners and retirees (flow of payroll loan payments), to be retained and made available in a specified current account, in a first-class bank, until a final decision on the merits in the main proceeding, with the obligation to provide the accounts to be determined within 90 days of retention, so as to serve as a special guarantee for the recovery of funds or compensation. of the amounts invested.” Rioprevidência or the potential liability of the respondents for default in the payment of credits held by the second author.
According to the state government, in a note, “The amount to be recovered in just 10 years will be recovered in about 24 months, as was expected in the initial investment.”
The court’s decision also prohibits Banco Master and PKL One Participações SA, the holder of Credcesta, from taking any action that could harm Rioprevidência’s active and inactive servers.
“Preventing the defendants from taking any restrictive action against the employees, pensioners and pensioners who appear as parties to the loan contracts in question, such as, for example, denying the restricted credit records or protesting against them, or bringing any legal action against them with the aim of collecting credit, until the merits are decided, on pain of a fine of R$50,000.00 for each employee unduly diminished,” the document says.