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Bolsonaro Denies New Links to Bank Scandal After Media Reports

Created at 23 Jul · 2:06 AM1 source↑ Market-relevant
IN SHORT

Brazilian Senator Flávio Bolsonaro has denied any wrongdoing following media reports alleging his law firm received funds from a consultant linked to Banco Master SA, a bank at the center of a corruption scandal. He also denied asking jailed banker Daniel Vorcaro for millions to fund a film about his father.

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Key Numbers

500,000 reaisfunds received by Bolsonaro's law firm
$98,925equivalent funds received by Bolsonaro's law firm
60 million reaisfunds received by consultancy Copenhagen
61 million reaisamount Bolsonaro reportedly asked Vorcaro for
$12 millionequivalent amount Bolsonaro reportedly asked Vorcaro for
800,000clients defrauded by Banco Master
12 billion reaisestimated total fraud by Banco Master
$2.3 billionestimated total fraud by Banco Master

Who's Involved

Flávio Bolsonaro
Brazilian Senator and presidential candidate
Banco Master SA
Bank at the center of a corruption scandal
Daniel Vorcaro
Jailed former CEO of Banco Master
Metropoles
Local news outlet reporting on the scandal
The Intercept Brazil
Website publishing voice messages related to the scandal
Jair Bolsonaro
Father of Flávio Bolsonaro and former President of Brazil
Bolsonaro Denies New Links to Bank Scandal After Media Reports

↳ Why This Matters

The allegations could significantly impact Flávio Bolsonaro's expected presidential bid against Luiz Inácio Lula da Silva, potentially damaging his political standing and campaign.

Key facts

  • Flávio Bolsonaro's law firm reportedly received 500,000 reais from an accounting firm linked to Banco Master.
  • The accounting firm is tied to a consultancy that received nearly 60 million reais from the bank.
  • Voice messages suggest Bolsonaro asked jailed banker Daniel Vorcaro for 61 million reais for a film about his father.
  • Bolsonaro denied wrongdoing, stating the film sponsorship was private and no public money was involved.
  • He asserted he did not offer illegal advantages, intermediate government business, or receive money.

Brazilian Senator Flávio Bolsonaro has denied any wrongdoing amid reports linking him to a banking scandal and alleged requests for millions from a jailed banker. Local media outlet Metropoles reported that Bolsonaro's law firm received 500,000 reais ($98,925) from an accounting firm, Contabil Correa, which is reportedly connected to Copenhagen, a consultancy that received nearly 60 million reais from Banco Master SA.

Separately, The Intercept Brazil published voice messages indicating that Senator Bolsonaro asked jailed banker Daniel Vorcaro for 61 million reais ($12 million) to produce a film titled "The Dark Horse" about his father, former President Jair Bolsonaro. The website also suggested Bolsonaro requested more funds after an initial payment.

Vorcaro, the former CEO of the now-shuttered Banco Master, is at the center of a fraud and graft scandal. He is accused of defrauding hundreds of millions of dollars from the bank's approximately 800,000 clients, including state government pension funds. Brazilian federal police estimate the bank's total fraud at about 12 billion reais ($2.3 billion).

In response to the allegations, Flávio Bolsonaro issued a statement defending his actions. He stated that his request for funds was for private sponsorship of a private film and that no public money was involved. He explicitly denied offering any illegal advantages, intermediating business with the government, or receiving money.

Frequently asked questions

The scandal involves alleged fraud and graft at Banco Master SA, with accusations that former CEO Daniel Vorcaro defrauded hundreds of thousands of clients out of hundreds of millions of dollars.

He is accused of his law firm receiving funds from a consultant tied to Banco Master and of asking jailed banker Daniel Vorcaro for millions to fund a film about his father.

Bolsonaro's law firm reportedly received 500,000 reais, while he allegedly asked Vorcaro for 61 million reais for a film. The total fraud at Banco Master is estimated at 12 billion reais.

He denied any wrongdoing, stating the film funding was private, no public money was used, and he did not offer illegal advantages or intermediate government business.

What Happens Next

01The case remains under investigation by Brazil's federal police and Supreme Court.

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Cadence

How It Developed

Local media reported that Flávio Bolsonaro's law firm received 500,000 reais from an accounting firm tied to Banco Master.
The accounting firm is reportedly run by a businessman behind a consultancy that received nearly 60 million reais from Banco Master.
The Intercept Brazil published voice messages of Bolsonaro asking jailed banker Daniel Vorcaro for 61 million reais to produce a film about his father.
Bolsonaro stated he sought private sponsorship for a private film and did not offer illegal advantages or intermediate government business.
He denied receiving any money and stated he did not have private encounters or intermediate business with the government.
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Sources

T1
Bolsonaro Denies New Links to Bank Scandal After Media ReportsBloomberg
T2
Brazil presidential hopeful Flávio Bolsonaro denies wrongdoing after ...apnews.com
T2
Flávio Bolsonaro denies wrongdoing after asking banker for millionsaustraliannews.net

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