After a year passed between review requests, the CVM Board rejected, on Tuesday (2) morning, a proposal for an agreement seeking to end the 2020 operation involving banker Daniele Forcaro, Banco Master and three other backers, the report found. value. The case, in total, involves 19 defendants and addresses alleged irregularities involving coordinated operations to manipulate the prices and liquidity of shares in the real estate fund Brasil Realty FII in 2018 and 2019.
To reach the result, votes were missing from Director João Accioli, who asked to reconsider the case on May 27, and Otto Lobo, interim president of the CVM Commission, who is the rapporteur and has not yet voted. When resuming the evaluation of the case this morning, Accioli and Lobo joined the understanding of former mayor João Pedro Nascimento and director Marina Coppola, who had already voted in May in favor of rejecting the agreement.
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According to the sources, Akioli justified the refusal by referring to “new information that has emerged since his request for review.” The statement refers to the news of the liquidation of the Masters by the Central Bank, announced on November 18, and the arrest of Forcaro, who was released with an electronic ankle bracelet last Saturday (29).
The minutes of this morning’s meeting have not yet been published, but details of the issue and figures discussed are available in the minutes of previous meetings and in the opinions of the Commitment Terms Committee (CTC).
Today’s meeting was the fifth of its kind to evaluate the intent of the back-and-forth agreement that has been ongoing since 2024, which revolved around disagreements over the proposed values. In December 2022, another proposal was rejected in deliberation by the collective council (at that time with a different composition), which included a group of nine defendants.
The proposed agreement analyzed on Tuesday had five backers: Banco Master, Daniel Vorcaro and Viking together bid R$13.8 million, Entre Investimentos offered R$4.9 million and Antonio Freixo R$2.4 million, an amount together totaling about R$21.3 million. the value Try to contact the names mentioned for manifestation. The space remains open.
If the agreement is rejected, the case must be referred to trial. But facing the end of the year, the trend is that it will not be judged in 2025. In this scenario, the process would have to be redistributed, as Lobo, the current rapporteur, is expected to leave the council on 31 December.
According to the rules of Resolution 45 of the Constitutional Committee, the accused can still submit new proposals until the trial, although this is unlikely, says a person close to the authority.
Dilemma over a multi-million dollar deal
In 2022, the CVM Board of Directors analyzed its first proposed commitment term. At that time, nine defendants made four offers (some joint, some individual) that included payments ranging from R$200,000 to R$1.5 million, which totaled about R$3 million. The council rejected the proposal unanimously.
Two years later, a new group of five defendants submitted a round of proposals with improved values, totaling approximately R$8.7 million. Despite the increase, the technical field recalculated the assumed losses and estimated losses at over R$100 million, much higher than initially expected. As a result, the Specialist Federal Prosecutor’s Office of the CV Commission (PFE-CVM) began to argue that it would not be possible to conclude an agreement unless there was full payment of this amount.
The Commitment Term Committee (CTC), the CVM body that evaluates the agreements, accepted the PFE assessment, recommended rejection of the proposals and indicated alternative values - around R$25 million to R$55 million per proponent.
On August 27, 2024, when analyzing the case, Rapporteur Otto Lobo disagreed with these calculations, saying that the technical field responsible had gone beyond the accusation and produced numbers that could distort the punishment. Therefore, the topic was removed from the agenda.
When the matter returned to the Directors for analysis on September 3, 2024, the Board returned the process to the CTC for renegotiation. The value of the proposal submitted by the five defendants rose to 21.3 million Brazilian riyals, and the committee recommended acceptance.
However, on 17 December 2024, when evaluation of the case resumed at a collective meeting, reporting director Otto Lobo requested a review and the process did not return to plenary session until 27 May 2025. On this date, Nascimento and Coppola voted for dismissal, Accioli requested a review and Lobo did not vote – something that was met with surprise at the time, as the rapporteur usually leads the vote. The deliberations remained suspended until now, when they ended in a new unanimous rejection.
Requests for review by CVM Board members are governed by resolutions addressing sanctions and non-sanctions procedures and have strict deadlines for return.
Both Resolution 45, which addresses sanctions operations, and Resolution 46, which addresses non-sanctions operations, stipulate that the director requesting a review must return the operation to the agenda within 60 business days. In the case of sanctioning bodies, RCVM 45 also provides for the possibility of a one-time extension, for a period of up to 20 days, provided that this is reasonably requested up to ten days before the end of the period.
In the process in question, Accioly requested a review on May 27, with its usual deadline of August 25. Even if the RCVM extension rule 45 – sometimes used in matters that do not actually involve adjudication on the merits – had been applied, the cap would have expired on 22 September. As a result, the operation has officially remained pending return ever since.