Brazil Police Probe Rio Pension Losses in Banco Master Collapse
Brazil's Federal Police are investigating the Rio state pension fund, Rioprevidência, for significant losses linked to the collapse of Banco Master. The fund reportedly lost around R$135m ($26m) from a single investment in a fund heavily concentrated in shares of the waste management company Ambipar, which has faced its own financial troubles. This investigation is part of a broader scandal involving allegations of market manipulation and the mismanagement of public retirement funds.
- ▪Federal police are probing how Rioprevidência lost most of its investment in Banco Master-linked funds.
- ▪The pension fund's investment in the 'Texas I' fund dropped from R$150m to R$15m due to a collapse in Ambipar's stock.
- ▪Brazil's securities regulator is investigating alleged manipulation of Ambipar's shares prior to its decline.
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Business - Brazil Banco Master Scandal Brazil Police Probe Rio Pension Losses in Banco Master Collapse By Lachlan Williams · June 3, 2026 · 4 min read Daily Brief The morning intel from across Latin America. Free. Subscribe By subscribing you agree to our privacy policy. We never share your email. 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.
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