Rio State Legislature to Probe $500M in Banco Master InvestmentsThe Rio de Janeiro State Legislative Assembly (Alerj) is set to open a Parliamentary Commission of Inquiry (CPI) to investigate significant financial investments made by two state entities, Rioprevidência and Cedae, in Banco Master. The total amount under scrutiny is nearly R$3 billion (approximately $500 million USD).
The investigation was initiated after state deputy Flávio Serafini of the PSOL party confirmed he had gathered the necessary signatures to formally request the CPI's establishment. According to standard procedure, the commission will be automatically created within 48 hours of the request being filed.
Once established, the CPI will have a mandate of up to five months to conduct its work and conclude its findings. The inquiry aims to examine the circumstances and decision-making processes behind these substantial public fund allocations to the private financial institution.