Ex-BRB CEO Was Allegedly Given Homes for Aiding Banco Master (1)

Paulo Henrique Costa, Banco de Brasilia SA’s former chief executive officer, is accused of working with failed lender Banco Master SA’s Daniel Vorcaro in exchange for a promise of roughly 150 million reais ($30 million) of luxury real estate including homes in Brasilia and Sao Paulo.

Costa allegedly ended up receiving half that amount with payments going through a structure that combined fake companies and investment funds managed by Reag, according to a decision from Supreme Court Justice Andre Mendonça. Costa was arrested as part of the government’s probe into Banco Master, according to Brazil newspaper O Estado ...