Brazil Police Probe Rio Pension Losses in Banco Master Collapse

BRAZIL · BUSINESS

Key FactsRTAsk Rio TimesAsk about Latin American markets, currencies, and companies — answered from our reporting and live data.Start asking →—The probe: Federal police are investigating how Rio’s state pension fund, Rioprevidência, came to lose most of a stake in a fund tied to the failed Banco Master.

—The loss: Of R$150m ($30m) placed in the Master-run “Texas I” fund in 2025, only about R$15m ($3m) reportedly remained by December.

—The cause: Police say the fund held about 95% of its portfolio in shares of one firm, waste manager Ambipar, which later collapsed.

—The allegation: Brazil’s securities regulator, the CVM, is investigating alleged coordinated manipulation that inflated Ambipar’s shares before the fall.