Target of Operation Mirage of the Federal PoliceDigimais bank received a contribution from Grupo Record and today has around R$2 billion in cash. The financial reinforcement was provided by the controlling company, Digimais Participações, which is a BA Empreendimentos Participações company. The holding belongs to Grupo Record.
The deposit was made with CDBs (Bank Deposit Certificates) from the controller itself and another portion raised in the market through these securities, according to people familiar with the matter interviewed by the Sheet.
The contribution is part of negotiations with the FGC (Credit Guarantee Fund) for the sale of the bank. A new contribution may be made by the controller while the negotiation with BTG Pactual is not defined. The two financial institutions closed a agreement of intention to purchase in April this year.
Controlled by the bishop Edir Macedofounder of Universal Church of the Kingdom of God and owner of RecordTVDigimais is suspected of having manipulated financial reports to hide the true financial situation and appear solid before control bodies.
The crimes investigated include fraudulent management, inserting false data in reports and making loans and financing that the law prohibits a bank from making precisely to avoid manipulation. One of the focuses of the investigation is the purchase of court orders — titles for amounts to be received in court sentences against the State.
During the operation, triggered last Tuesday (23)nine search and seizure warrants were issued against directors, advisors and companies linked to the Digimais bank, blocking assets worth up to R$670 million and breaking the banking and tax secrecy of the targets.
In a statement released to the market, on Wednesday night (24), following a requirement from the CVM (Securities Commission), BTG Pactual did not rule out going ahead with the purchase of Digimais, even after the Federal Police operation.
But André Esteves’ bank reported that the transaction continues pending the launch of a competitive process and the declaration of its proposal as the winner — conditions that have not been verified until now, according to BTG.
A recent FGC rule provides for the holding of an auction for a rescue operation for a financial institution in need of help. The auction price is defined by whoever offers the greatest savings to the FGC. The idea of the rule is to minimize costs for the fund in the event of a bank failure.
BTG analyzed Digimais’ conditions and made a reference offer with its terms and conditions. The contest has not yet taken place. According to people familiar with the topic, among the conditions raised is the need for a greater contribution to be made by Bishop Macedo.
The president of the BC, Gabriel Galípolo, declined to give details this Thursday (25) about the reasons why the auction has not yet taken place. When asked about the topic at a press conference in Central Bankhe stated that the auction is conducted by the FGC. The fund said it does not comment on specific cases.
When asked about Digimais’ ability to continue operating after the PF’s operation, Galípolo reported that the BC does not comment on specific cases of institutions supervised by the autarchy.
In recent statements following the Master scandal, which hit the BRB (Banco de Brasília) and other financial institutions, the head of the BC has drawn attention to the fact that the decision to liquidate a bank is not a penalty for mistaken conduct. He has warned that the biggest losers are account holders and that there is confusion between the criminal investigation and the settlement.
In the case of Master, even with the fraud identified by inspection, the BC only decreed the extrajudicial liquidation on November 17 last yearwhen the bank Daniel Vorcaro he no longer had the cash to honor his commitments. On the day of settlement, Master had only R$4 million.
