TCU fines former director of Caixa Asset for transaction with Banco Master.

247 - The Brazilian Federal Court of Accounts (TCU) has decided to impose a fine of R$ 10 on Igor Macedo Laino, former director of Caixa Asset Management, the company responsible for managing investment funds for Caixa Econômica Federal. The decision, released this week, concerns an attempt in 2024 to approve the purchase of R$ 500 million in financial instruments issued by Banco Master.

According to information published by FSPThe rapporteur for the case, Minister Antonio Anastasia, understood that Laino ignored technical opinions and internal warnings that indicated a high risk in the operation. Among the points raised by the specialized areas were the low liquidity of the securities, the long maturity period, and the atypical concentration of resources in a single issuer.

Omission of information and ignored opinions.

According to the rapporteur's vote, TCU (Brazilian Federal Court of Accounts) technicians found that Laino, head of the Investment Fund Management Directorate (Diter), omitted relevant information about Banco Master in the institution's qualification process. Among the suppressed data were reputational research results, negative mentions in the press, and ongoing regulatory processes. The report indicates that the former director emphasized only the positive aspects of the proposal, distorting the risk assessment.

The Board of Directors of Caixa Asset dismissed Laino from his position in June 2025, following the start of the investigations. In his defense, the former director argued that he acted "with diligence and technical support" and that there was no harm to public funds.

The defense denies any wrongdoing and promises to appeal.

The former executive's defense denies any wrongdoing and claims that the transaction was never even finalized. In a statement sent to... FSPLawyer Elísio Freitas stated: “We trust in a new evaluation that considers the evidence and that there is no infraction on Igor's part.” According to him, appeals for clarification and requests for reconsideration of the TCU's decision are still possible.

The former CEO of Caixa Asset, Pablo Sarmento, was not mentioned in the ruling of the 2nd Chamber of the TCU (Brazilian Federal Court of Accounts), although he was removed from his position in November 2024. Sarmento was the target of 25 complaints of moral harassment and abuse of power, under investigation by the company's ombudsman.

Internal reprisals and impact on governance

The case also revealed evidence of retaliation within Caixa Asset. Documents analyzed by the TCU (Brazilian Federal Court of Accounts) show that three employees opposed to the operation with Banco Master were dismissed shortly after a meeting on the subject in July 2024. The company's management justified the dismissals as "acts of interest to the administration," but the court's technical area identified a possible retaliatory character.

The report from the oversight body also warned of the impact of this type of conduct on corporate governance and the institution's internal culture, highlighting the need to protect employees who act in accordance with technical opinions.