Galípolo Defends Banco Master Liquidation, Clears Campos Neto

The Galípolo Banco Master CPI testimony delivered two conflicting signals: the current central bank chief defended his predecessor, but the predecessor himself refused to show up — leaving unanswered questions about a Planalto meeting that brought together the BC president, Banco Master’s owner, and President Lula.

Gabriel Galípolo appeared before the CPI do Crime Organizado on April 8 as an invited witness, providing what Agência Brasil and Jornal Grande Bahia described as a detailed chronology of the Banco Central’s handling of Banco Master. He stated that regulatory sanctions were applied between March and April 2025, that market-led rescue attempts including a proposed acquisition by BRB were rejected by the Banco Central, and that the official liquidation was ordered on November 18, 2025. Two central bank staff members were removed in January 2026 on suspicion of receiving improper benefits.

The most politically sensitive moment came when Senator Eduardo Girão questioned Galípolo about a meeting at the Planalto Presidential Palace in 2024 that included Galípolo, Banco Master owner Daniel Vorcaro, and President Lula. Girão raised doubts about the institutional purpose of the encounter. Galípolo’s response did not fully resolve the question, though he defended the meeting as routine. Separately, investigations have uncovered that Vorcaro allegedly maintained a network of relationships with authorities through high-end events — a pattern that, if proven to constitute improper influence, could amount to corruption charges even without direct monetary transfers.

Campos Neto’s Continued Absence

Roberto Campos Neto, who served as Banco Central president from 2019 to 2025 and authorized Vorcaro to assume control of the former Banco Máxima (later renamed Banco Master) in 2019, was formally summoned by Senator Alessandro Vieira’s requerimento. Unlike an invitation, a summons carries a theoretical obligation to appear. Campos Neto failed to attend for the third consecutive time, relying on STF precedents that have allowed him to decline or remain silent in similar proceedings. The CPI has not moved to compel his attendance through judicial enforcement.

A CPI Running Out of Time

The CPI do Crime Organizado is scheduled to conclude on April 14. Relator Alessandro Vieira attempted to negotiate a 60-day extension with Senate President Davi Alcolumbre, but Alcolumbre has not agreed. If the investigation ends next week, the Banco Master thread — including the resort fund linked to STF Justice Toffoli, the Operção Compliance Zero findings, and the unresolved Planalto meeting — will transfer to whatever investigative body succeeds it. The FGC payout to over 800,000 investors, totaling R$40 billion (~$6.9 billion), remains the largest deposit insurance event in Brazilian history. The full scope of the scandal — stretching from fraudulent loan portfolios to Supreme Court justices to presidential meetings — will outlast any single congressional inquiry.