The Minister of the Federal Court of Auditors (TCU) Jhonatan de Jesus determined, Thursday evening (12/18), that the Central Bank (BC) should express its opinion, within 72 hours, on alleged signs of precipitation in the liquidation of Banco Master, owned by businessman Daniel Vorcaro.
In order, obtained by MetropolisesJhonatan de Jesus highlights a series of initiatives by the regulator that may indicate irregularities in the conduct of the main liquidation process. Furthermore, the minister even raised the possibility of an omission on the part of the Central Bank.
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Daniel Vorcaro is CEO of Banco Master
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Daniel Vorcaro, owner of Banco Master
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Daniel Vorcaro, owner of Banco Master
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Daniel Vorcaro, owner of Banco Master
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Daniel Vorcaro, owner of Banco Master
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Still in the decision, Jhonatan de Jesus is already considering the possibility of issuing precautionary measures against the BC. Among them, the Minister considers determining that the Central Bank refrains from authorizing or executing acts that involve the alienation, encumbrance, transfer or demobilization of capital assets essential to the preservation of the value of the liquidated estate and other relevant assets of the Main Bank.
“As a preliminary matter, such elements suggest the hypothesis that the agency’s actions could have been characterized, on the one hand, by a significant delay in the realization and examination of market alternatives and, on the other hand, by haste in adopting the extreme liquidation measure, contrary to the legal obligation to consider, in a motivated manner, alternative and less burdensome solutions for the financial system, in accordance with article 5 of Law 9.447/1997,” said the minister of TCU.
In the decision, the minister listed five points on which the Central Bank must provide explanations, within three days:
- Grounds and motivation for the extrajudicial liquidation judgment;
- If and how less serious resolution alternatives were evaluated;
- History and chronology of institutional negotiations linked to market alternatives;
- Whether there were divergent manifestations or relevant reservations between internal technical areas and how they were addressed and overcome;
- Appropriate means of making available to the TCU the essential elements which can be protected by legal secrecy.
See the full document obtained by Metropolises:
Order of the Minister of TCU, Jhonatan de Jesus, on the liquidation of the Master by Tacio Lorran Silva
The extrajudicial liquidation of Banco Master ended one month this Thursday. The measure was taken by the Central Bank due to “the serious liquidity crisis of the Master and the significant compromise of its economic and financial situation, as well as serious violations of the rules that govern the activity of the institutions that are part of the national financial system”.
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