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Car Wash, Season 1, Episode 5 | Going Postal

Screenshot from 2015-01-24 15:46:10

Source:  GGN.

Luis Nassif predicts.

Over the next few days, a fresh mega-scandal will be revealed involving Postalis, the pension fund of the postal service (Correios) — another unnveving sign of the disaster that spreads throughout Brazil when state-owned firms are used to underwrite political deals.

Postalis acquired R$ 150 million in the debentures of Construtora Mudar, a firm operated by a Rio venture capitalist named Augusto Martinez. As a guarantee, it received lands worth a mere R$ 7 million.

Thanks to a partnership with the SBT program Domingo Legal, Mudar exploded in the junk bond market: In two years it grew from R$ 150 million to R$ 400 million from projects launches and issued the debenture. Not long after, Martinez disappeared leaving 3,000 borrowers waiting to receive their apartments.

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