The BRB (Banco de Brasília) recently disclosed that it received the resignations of two board members, Leonardo Roberto Oliveira de Vasconcelos and Celivaldo Elói Lima de Sousa, attributed to the influence of the Borneo fund, previously managed by Reag, now in liquidation by the Central Bank. Vasconcelos served as a principal member while Sousa was a substitute in the state bank’s governing body. The Borneo fund holds approximately 3.1% of BRB's capital and has been implicated by authorities as part of a network of hidden stakes linked to the now-former controller, Daniel Vorcaro.

The circumstances surrounding the resignation are significant, revealing potential governance issues at the BRB amid increasing scrutiny of its relationships with various investment entities. Vasconcelos and Sousa stated they only became aware of their connections to the Borneo fund shortly before resigning, suggesting a lack of transparency in the appointment process. This raises questions about the broader implications for corporate governance and accountability within state-owned enterprises in Brazil.

The resignations come at a time when Brazilian banks are facing scrutiny over their governance practices, particularly in connection with public funds and their management. This event could prompt further investigation into the connections between financial institutions and their advisory roles, and potentially lead to regulatory changes to improve transparency and prevent conflicts of interest in the future.