Rio State Assembly to Probe Nearly R$3 Billion in Banco Master InvestmentsThe Rio de Janeiro State Legislative Assembly (Alerj) is set to open a Parliamentary Commission of Inquiry (CPI) to investigate significant investments made by two state entities, Rioprevidência and Cedae, in Banco Master. The combined value of these investments totals nearly R$3 billion (approximately US$500 million).
The move was announced by state deputy Flávio Serafini of the PSOL party, who confirmed he had gathered the necessary signatures to formally request the opening of the CPI. According to the established procedure, the commission is expected to be created automatically within 48 hours of the request being filed.
Once established, the CPI will have a mandate of up to five months to conduct its investigation and conclude its work. The inquiry will focus on scrutinizing the circumstances and decision-making processes behind the substantial financial commitments made by Rioprevidência, the state's pension fund, and Cedae, the water and sewage utility, to the bank.
This development marks a significant step in legislative oversight of public fund management in the state of Rio de Janeiro.