This Thursday (8), the United States Court recognized the liquidation of Banco Master and ordered the blocking of the financial institution’s assets in the country. The decision responded to a request from the “EFB” Regimes Especiais de Empresas, which is the Master’s liquidator, appointed by the Central Bank. The measure also applies to Banco LetsBank SA, Banco Master de Investimento SA and Master S/A Corretora de Câmbio, Títulos e Valores Mobiliários.
With the decision, assets of the financial institution and Master partners in American territory are blocked from paying creditors. The bank’s management led by Daniel Vorcaro tried to prevent those responsible for the liquidation from accessing the company’s documents in the United States. The defense argument indicated that the closure of activities determined by the Central Bank could be reversed.
Judge Scott Grossman, however, recognized the legality of the Brazilian monetary authority’s process and decided to shield assets on American soil so that creditors have the opportunity to receive what they are entitled to. The investigation that investigates illegalities in the administration of the institution is the responsibility of the Federal Police and is commanded by the Federal Supreme Court. The PF finds, for example, a hole in excess of R$12 billion in transactions carried out by Banco Master.
