An internal audit conducted by the current management of the Rio de Janeiro State Water and Sewage Company (Cedae) revealed new details about the company's investments in Banco Master. According to the final report, an attempt to recover R$ 44 million invested in the financial institution was interrupted by an internal decision, preventing the reduction of the company's exposure to the investment.
The document was produced at the behest of the president of Cedae, Rafael Rolim, and forwarded to the acting governor, Ricardo Couto. The investigation also recommended sending the conclusions to control and oversight bodies. This information comes from a journalist at [source name]. Globe NewsOctavio Guedes.
The ransom order was cancelled.
According to the report, on May 28, 2025, financial manager Rodrigo Borges Mendes requested the redemption of R$ 44 million that were invested in Certificates of Deposit (CDBs) from Banco Master.
However, about an hour and a half after the order was issued, the procedure was reportedly canceled by order of Mauro Luís Rodrigues, advisor to the company's Investment Directorate.
The audit indicates that the cancellation prevented the withdrawal of funds at a time when there were already internal concerns about maintaining the investments.
Internal alerts
According to the investigation, other Cedae departments began issuing warnings after learning about the investments made with Banco Master.
The report mentions records in the minutes of the Board of Directors and the Audit Committee that would demonstrate expressions of concern related to financial investments.
However, according to the investigation, the investments were not withdrawn by the company's Finance Department.
Concentrated decisions
The auditors also concluded that the operations involving the investments were conducted by the Finance Department without information being shared with other departments and governance bodies of the company.
At the time of the events, the board was headed by Antônio Carlos dos Santos, identified in the report as responsible, along with direct advisors, for preparatory acts that allowed the investments to be made.
The investigation also identified meetings held in Rio de Janeiro and São Paulo between company members and representatives of Banco Master's senior management.
Among the meetings mentioned is one held at Cedae's headquarters with Maurício Quadrado, then a partner and co-CEO of the financial institution.
Change in investment criteria
Another point highlighted by the audit involves the change in requirements related to the minimum rating for the company's investments.
According to the document, the change occurred after receiving an email sent by Sandra Cabral Rullo, an employee of Banco Master. The adjustment to investment policies was subsequently validated by members of the state-owned company's finance department.
The audit indicates that this change allowed for the proper classification of the investments made in the institution.
The investigation will be deepened.
The final report recommended further investigations involving former financial director Antônio Carlos dos Santos and advisors Hedmiltom Cardoso Mourão, Magno Neves, and Mauro Luís Rodrigues Marques.
Furthermore, the president of Cedae suggested that the document be shared with the Public Prosecutor's Office, the State Court of Auditors, the Securities and Exchange Commission (CVM), and the State Attorney General's Office (PGE).
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