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Brazil police open probe into potential fraudulent management at lender BRB, sources say

BY Reuters | ECONOMIC | 02/03/26 11:24 AM EST

BRASILIA, Feb 3 (Reuters) - Brazil's federal police have opened an investigation into potential fraudulent ?management at state-run lender BRB, two sources ?familiar with the matter told Reuters ?on Tuesday.

The probe ?deepens scrutiny ?of BRB following its failed attempt to ?acquire Banco Master, ?a deal blocked by the central bank in September.

The ?central bank ?later ?ordered Master's liquidation in November amid a liquidity crisis, and BRB ?executives were removed from their posts.

In a statement on Tuesday, BRB said it had submitted a preliminary audit report ?with "relevant ?findings" to the federal police and the central bank.

The lender ?added that it has taken a range of institutional, administrative, extrajudicial and legal measures to protect its interests, recover credits and assets, ?and seek compensation for losses. (Reporting by Ricardo Brito; Writing by Isabel Teles; Editing by ?Gabriel Araujo and Bill Berkrot)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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