By Brazil Stock Guide – A report published Wednesday (October 14) by newspaper Valor Econômico sheds light on financial transactions discussed by Daniel Vorcaro and Maurício Quadrado, former partners and business associates at Banco Master, involving shares in environmental services company Ambipar and dealings with businessmen Tércio Borlenghi and Nelson Tanure.
Messages obtained by Brazil’s Federal Police show that the two men discussed potential gains exceeding R$1 billion ($185 million) and sought to turn the appreciation of Ambipar shares into funds for the financial group.
Vorcaro and Quadrado discussed splitting billion-real gains
The exchanges show that by July 2024, Quadrado was already calculating potential gains of R$500 million from Ambipar shares. “We can keep the gain for ourselves. We need to talk to him, but the risk stays with us,” he wrote to Vorcaro. He then proposed: “Shall we do it and split the gain between us?”
In August, as the shares continued to rise, Quadrado proposed an even larger distribution of profits.
“We’ve locked in a gain of 1 billion,” Quadrado said.
Vorcaro, however, considered the proposal unsatisfactory. He estimated that the shareholding could be worth as much as R$2 billion and resisted the prospect of realizing a smaller gain. The messages show that the rise in Ambipar shares was viewed as an opportunity for substantial profits, although the stock’s limited trading liquidity made it difficult to convert those gains into cash.
Ambipar shares discussed as a source of liquidity for Banco Master
According to Valor, as Banco Master’s financial position deteriorated, Ambipar shares came to be viewed as a potential source of funds for the lender. In April 2025, Vorcaro discussed with Quadrado the need to generate earnings to strengthen the bank’s equity capital.
Quadrado mentioned the possibility of raising R$500 million through transactions involving the Texas fund, which held Ambipar shares.
“Great, then,” Vorcaro replied. “Because that’s the bottleneck. The Central Bank. If we solve that, it will work out.”
The exchange highlights the importance Vorcaro attached to the transaction amid regulatory requirements and scrutiny by Brazil’s Central Bank.
According to Valor, the appreciation of Ambipar shares also contributed to an increase in Banco Master’s shareholders’ equity, which rose from R$2.4 billion at the end of 2023 to R$4.7 billion in December 2024.
Ambipar’s controlling shareholder resisted pledging shares as collateral
One of the most significant episodes in the documents took place in August 2025, when discussions involved using Ambipar shares as collateral. On August 7, Quadrado told Vorcaro that a lawyer representing Tércio Borlenghi was reluctant to allow the shares to be encumbered.
After speaking with Ambipar’s controlling shareholder, Quadrado conveyed his concerns.
“I spoke with Tércio. He is very afraid these shares will be sold. If he doesn’t get assurances, he won’t go ahead,” he wrote. Vorcaro replied: “Then it’s better to cancel. They won’t be sold, but there’s no way to do it without putting them up as collateral.”
The exchange shows that Borlenghi had explicitly expressed concerns about what could happen to the shares and the risks associated with the transaction.
Nelson Tanure denies involvement in coordinated trading
Nelson Tanure’s name appears in the messages in connection with transactions involving Emae, an energy company acquired through a privatization process carried out by the São Paulo state government in 2024.
The exchanges show that Vorcaro and Quadrado discussed alternatives involving debt, collateral and equity stakes linked to Ambipar and the energy company.
In a statement to Valor, Tanure said he had not seen the messages and denied any involvement in an effort to influence Ambipar’s share price.
The businessman said he “did not participate in any coordinated action involving Ambipar shares, nor did he benefit from any artificial appreciation of those shares.”
Tanure also maintained that the acquisition of Emae was financed with private funds provided by Brazilian financial services firm XP, following an assessment of the collateral offered.
According to his statement, his relationship with Banco Master and other asset managers was exclusively that of a client.
Court had already ordered Ambipar to file for judicial reorganization
The messages also refer to Ambipar’s filing for recuperação judicial, Brazil’s court-supervised debt restructuring process. However, the move was already public and had been required by a court.
On September 24, 2025, Ambipar sought court protection against creditor collection actions and the acceleration of debt maturities. The following day, Rio de Janeiro’s 3rd Business Court granted the protection and ordered the company to formally file for judicial reorganization within 30 days.
On October 20, the day Ambipar formally submitted its restructuring petition within the court-imposed deadline, Quadrado sent Vorcaro a message urging him to sign documents.
“Daniel. The people are waiting for you to sign. We need to close this today with Tércio. He is going to file for judicial reorganization.”
The following day, Vorcaro complained about a document related to the company and threatened to reverse an earlier transaction.
The exchanges show that dealings between Banco Master’s partners continued into a critical period for Ambipar, without the company taking part in those discussions.
Contacted by Valor, Vorcaro’s legal representatives had not commented by the time the report was published. Ambipar also declined to comment.
Maurício Quadrado said the messages concerned preliminary discussions about structured capital markets transactions and did not, in themselves, indicate personal financial benefits. He added that the structure mentioned in one of the exchanges was never implemented on the terms discussed.
Leave a Reply