{"id":99076,"date":"2026-07-06T19:41:41","date_gmt":"2026-07-06T22:41:41","guid":{"rendered":"https:\/\/murray.adv.br\/?p=99076"},"modified":"2026-07-06T19:41:41","modified_gmt":"2026-07-06T22:41:41","slug":"police-suspect-mining-entrepreneur-used-reag-funds-to-hide-assets","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/police-suspect-mining-entrepreneur-used-reag-funds-to-hide-assets\/","title":{"rendered":"Police suspect mining entrepreneur used Reag funds to hide assets"},"content":{"rendered":"
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Investigation says Lucas Kallas may have used fund structures to launder money from alleged mining fraud<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
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Brazil\u2019s Federal Police suspect that mining entrepreneur Lucas Kallas, who has been indicted for environmental crimes and unauthorized mining, may also have used Reag\u2019s investment fund structure to hide assets and launder money from his alleged fraud in the sector.<\/p>\n<\/div>\n

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It is the first time the Federal Police have raised suspicions involving the use of funds managed by asset manager Reag in connection with the mining industry. According to information obtained by Valor, the investigation is expected to move forward on that front.<\/p>\n<\/div>\n

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Reag was liquidated by Brazil\u2019s Central Bank in January this year<\/a> after the Federal Police said it was allegedly being used to launder money and hide assets belonging to criminal organizations and Daniel Vorcaro, who was the controlling shareholder of Banco Master.<\/p>\n<\/div>\n

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The suspicion was raised in the Federal Police\u2019s final report on Operation Parcours, which became public over the weekend and indicted Kallas and 16 other people for allegedly taking part in a scheme that illegally exploited a mine in a protected heritage area of Belo Horizonte.<\/p>\n<\/div>\n

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According to investigators, after Kallas entered the business, a plan originally intended to restore the area was improperly used to expand mining activity without authorization, causing losses of R$832 million.<\/p>\n<\/div>\n

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References to Reag<\/strong><\/p>\n<\/div>\n

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The Federal Police came across references to an investment fund at two different points in the investigation. In the first, investigators identified messages mentioning Reag after obtaining access to the e-mail account of the entrepreneur\u2019s father. The inbox contained a message from an executive at Cedro Minera\u00e7\u00e3o, a company owned by Kallas, asking an asset manager to register the entrepreneur\u2019s sister in a Reag fund.<\/p>\n<\/div>\n

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Investigators were struck by the fact that the sister was not included in the e-mail exchange and that most of the assets declared in her registration form came from a company whose CEO is the same Cedro executive who had sent the e-mail.<\/p>\n<\/div>\n

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According to the Federal Police, Kallas\u2019s sister declared assets of R$204 million in the registration form, of which R$200 million referred to a stake in Monte L\u00edbano Participa\u00e7\u00f5es, whose CEO is a Cedro executive. The form also indicated that more than R$10 million would be invested. \u201cThe form also indicated that Francine [Kallas, the entrepreneur\u2019s sister] would be willing to invest more than R$10 million, with the possibility of allocating up to 50% of that amount to Reag itself,\u201d the Federal Police said in the report.<\/p>\n<\/div>\n

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Mining asset dispute<\/strong><\/p>\n<\/div>\n

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The Federal Police also took testimony from an engineer\u2013whose name was not disclosed\u2013 at Flapa, a company in the mining sector that operated at a mine belonging to Kallas\u2019s group and that is at the center of Operation Parcours: the Granja Corumi mine.<\/p>\n<\/div>\n

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In her testimony, she said Flapa was in court disputing two other mineral exploration areas with Kallas\u2019s group and that one of those areas, known as Serra do Lessa, in the municipality of Itabirito, Minas Gerais, had been partially acquired by the Motezuma fund, managed by Reag.<\/p>\n<\/div>\n

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For investigators, these elements indicate the need to expand the probe into the use of Reag\u2019s fund structure by Kallas\u2019s business group and his relatives. In the Parcours report, the Federal Police itself acknowledged that the registration of Kallas\u2019s sister in the Reag fund does not allow it to state, \u201cin isolation, that resources from the Granja Corumi mine were directed to Reag.\u201d<\/p>\n<\/div>\n

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\u201cHowever, it reinforces the need to deepen the line of investigation into a possible parallel asset structure, use of a straw person, concealment of the ultimate beneficiary and money laundering within the economic group linked to Lucas Prado Kallas, especially given the interest in mining assets,\u201d the report says.<\/p>\n<\/div>\n

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What the parties say<\/strong><\/p>\n<\/div>\n

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In a statement, Lucas Kallas\u2019s press office said it has full confidence that his innocence will be demonstrated, \u201cbecause the indictment rehashes old facts that had already been investigated and shelved by the courts.\u201d It also said Cedro has a shareholder structure that is known and declared to all authorities.<\/p>\n<\/div>\n

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\u201cInvestment in funds is an ordinary practice in the financial system, using private funds declared to all oversight bodies. In the case of Flapa, there is a commercial dispute between the parties that was taken to court and in which Cedro prevailed at all levels, including higher courts,\u201d the statement said.<\/p>\n<\/div>\n

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Reag said Lucas Kallas \u201cwas never a Reag client,\u201d as can be verified on the website of Brazil\u2019s Securities and Exchange Commission (CVM). It also said the Motezuma fund was \u201cadministered by Planner and managed by Latache,\u201d the same asset manager to which the entrepreneur\u2019s sister\u2019s registration form was sent.<\/p>\n<\/div>\n

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Reag did not say whether Kallas\u2019s father or sister held stakes in Reag funds. The other people mentioned could not be reached.<\/p>\n

*By\u00a0Mateus Coutinho\u00a0and\u00a0Isadora Peron\u00a0\u2014 Bras\u00edlia<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Investigation says Lucas Kallas may have used fund structures to launder money from alleged mining fraud     07\/06\/2026\u00a0 Brazil\u2019s Federal Police suspect that mining entrepreneur Lucas Kallas, who has been indicted for environmental crimes and unauthorized mining, may also have used Reag\u2019s investment fund structure to hide assets and launder money from his alleged […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[27007],"class_list":["post-99076","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-police-suspect-mining-entrepreneur-used-reag-funds-to-hide-assets"],"yoast_head":"\nPolice suspect mining entrepreneur used Reag funds to hide assets - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/police-suspect-mining-entrepreneur-used-reag-funds-to-hide-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Police suspect mining entrepreneur used Reag funds to hide assets - 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