Banco Master scandal links Nunes Marques family

According to a report published by Piauí and cited in the supplied material, a Coaf report identified 14 transfers from Banco Master to Consult Inteligência Tributária between August 2024 and July 2025, averaging about R$474,000 each. In the same period, Consult sent R$282,000 to Kevin Marques, Nunes Marques’ son, in 11 payments, which Kevin says were for tax-law services and unrelated to the bank or the Supreme Court.

The timing is what intensifies the political and legal risk. Messages from Daniel Vorcaro’s phone show lawyer Luiz Rennó sharing Kevin Marques’ contact card on Aug. 8, 2025, then later asking whether a “R$500 mil month” payment should continue. After the STF’s Second Panel later ruled 3-2 in favor of Destilaria Alcídia in a case with potential implications for a precatório portfolio linked to Banco Master, Rennó wrote to Vorcaro: “Ganhamos alcidia” and then, with Kevin’s contact again flagged, “Dominado aqui.”

Nunes Marques’ vote was the one that tipped the case. He had initially been listed as impeded, then reversed that position, said the earlier registration was a clerical error and joined the majority in October 2024, turning a 2-2 split into a 3-2 win for Alcídia.

The minister denies any impropriety and his office says the case was a broad legal thesis, not a Master matter. Kevin Marques also denies working for the bank or receiving money from Vorcaro. Still, the new disclosures add pressure to a scandal that already includes a stalled request for a Senate CPI into Banco Master, a prison case involving Vorcaro, and broader allegations of influence-peddling around one of Brazil’s most politically sensitive institutions.

For investors, the story matters less for the direct financial exposure in the messages than for what it says about Brazil’s governance premium. Persistent questions around courts, lending relationships and politically connected counterparties can lift risk perceptions across local assets, especially as the country’s anti-corruption probes continue to expand and market participants reassess legal and regulatory overhangs tied to financial institutions.

The next catalyst is whether lawmakers, prosecutors or the Supreme Court itself move faster on the Banco Master probes, including the CPI request now sitting with Nunes Marques, and whether further filings or phone excerpts widen the circle around the bank, the justice and the parties that benefited from the Alcídia ruling.