Key Facts
—The move. Brazil’s federal police opened the second phase of Operation Disclosure on June 25, serving nine search warrants in Rio de Janeiro and São Paulo.
—The freeze. A federal criminal court ordered the seizure of assets from those under investigation up to R$54bn ($10.5bn).
—The new targets. The inquiry has widened from former executives to reference shareholders, including Carlos Alberto Sicupira and Paulo Lemann, and to executives at major private banks.
—The mechanics. Investigators focus on supplier-finance and cooperative-advertising contracts allegedly booked without economic substance.
