Court orders block of R$ 135 million to recover losses from Rioprevidência linked to Master

The institutions and executives are named by the Court as defendants in a lawsuit filed by the State of Rio de Janeiro to try to recover the loss of an investment by Rioprevidência in a fund linked to Banco Master, Texas I Fia.

Rioprevidência is the body responsible for paying retirement and pensions to state employees. The decision that determined the blockade was signed by judge Wladimir Virgínia, from the 5th Public Finance Court in the capital of Rio de Janeiro.

According to the lawsuit, Rioprevidência made, from June 4th to August 8th, 2025, a contribution of R$150 million into the Texas I Fia fund, whose portfolio was exposed, almost in its entirety, to Ambipar shares.

The shares suffered a strong devaluation, and the balance would have been reduced to R$14.8 million. As a result, the loss is estimated at around R$135.2 million.

In his decision, the responsible judge accepted the arguments of the plaintiffs, who pointed out the Trustee's responsibility in the "massive and coordinated" purchase of Ambipar shares in the name of funds managed by it, including Texas I Fia. The Trustee denies involvement.

The offer of the securities portfolio to Rioprevidência would have been made by Axor Asset, according to the information in the process.

The Trustee told the report that he left the administration and management of Texas I Fia in October 2024. The company stated that it will appeal the decision.

According to the institution, Rioprevidência acquired shares only from June 2025, around eight months later, when the fund was already under the responsibility of other providers.

"The Ambipar shares mentioned in the decision had been acquired in July 2024, almost a year before Rioprevidência joined," he said.

"Therefore, the Trustee did not sell shares to Rioprevidência, did not participate in the institute's investment decision and did not administer or manage the fund when the contributions were made", he added.

In the CVM (Securities Commission) database, there is a document dated November 11, 2024 that shows Master SA as administrator. It is not possible to know, however, who provided this service before this date.

When justifying his decision, the judge said that the thesis brought by the Trustee of not having been the administrator of the fund at the time of the contribution "represents yet another indication of reckless management, which attests to its possible passive illegitimacy".

According to the decision, the succession of managers in the context presented may constitute "typical conduct" of fraudulent mechanisms.

The report was unable to locate the contacts of Axor or the executives targeted by the blockade until the publication of this text.

The report contacted the defense of former banker Daniel Vorcaro, owner of Master, via email this Friday morning (24), but received no response.

The court decision also ordered the administrator of Master Corretora, currently in extrajudicial liquidation, to present an independent external audit opinion in relation to the Texas I Fia fund within 15 days.

Rioprevidência became the target of investigations by the PF (Federal Police) for billion-dollar investments in assets linked to Master during the government of Cláudio Castro (PL).

Castro resigned as governor in March and was replaced on an interim basis by judge Ricardo Couto.

Couto's management has announced name changes and changes to the structure of Rioprevidência following the explosion of the Master scandal.

Read Also: Zanin authorizes PF investigation into STJ minister in inquiry investigating sale of decisions