In Fictor's bankruptcy proceedings, R$ 3 billion of investors' money may have vanished.

In a crisis marked by the non-payment of millions of reais to investors, Fictor Holding and Fictor Invest filed for judicial reorganization in the Court of Justice of São Paulo. In the document, which NeoFeed had access to, Fictor justifies the financial crisis by citing its associations with Banco Master and media coverage.

The purchase of Banco Master, announced by Fictor in November 2025, had "the objective of ensuring the continuity of the institution's operations" with the help of a foreign investor.

But the fact that the bank was targeted by Operation Compliance Zero , by the Federal Police, the day after the acquisition announcement, would have been the trigger for the Fictor crisis, according to the document.

“Given the widespread negative repercussions involving Banco Master […] the news also began to focus attention on the acquiring group, repeatedly including its name in reports dealing with the fallout from the bank's financial and institutional collapse,” says Fictor.

Throughout December, the document states, "Fictor became the target of intense negative media coverage, with reports, behind-the-scenes columns, and analyses that began to question the very consistency of the announced operation, as well as the group's alleged role in the context of the crisis involving the bank."

Fictor also claims that the media repeatedly distorted facts and was biased, "which contributed to intensifying the negative exposure of the brand during that period."

According to Fictor, this press coverage directly impacted the brand's perception, leading to a drop in the shares of Fictor Alimentos, its subsidiary listed on the B3 stock exchange, and a review of commercial contracts "due to the speculative association of the brand with Banco Master and its controlling shareholder."

Fictor also claims that, faced with this distrust, its investors began making "atypical" requests to redeem their investments in the company's SCPs (Special Purpose Companies).

SCPs are Joint Venture Companies, which give investors the right to participate in the profits, even without liability or voting rights over the course of business activities.

It was through these instruments that Fictor claims to have raised approximately R$ 3 billion by November 2025, financing its growth in various areas, such as infrastructure and real estate. However, after the offer to buy Master, redemption requests reached 71.38% of that amount – and are not covered by the Credit Guarantee Fund (FGC).

"The unfolding events of the Banco Master case triggered a chain reaction on Fictor, marked by loss of confidence, continuous negative exposure, withdrawal of partners, a rush for withdrawals, and the consequent direct impact on the company's operating cash flow," the document states.

In its request for judicial reorganization, Fictor stated that the SCPs (Special Purpose Entities) were no longer being marketed and had been discontinued "prior to the worsening liquidity situation that led to this request for judicial reorganization."

A report by NeoFeed in January confirmed that SCPs were no longer being sold by Fictor's advisors, only by a FIDC. This same advisor, however, stated that the last SCPs were sold in December.

SCPs were sold with promises of returns of 2% to 3% per month for the client, without a minimum holding period and with a 60-day redemption period - some advertising materials even cited up to 18% per year tax-free, according to a complaint filed by the Brazilian Association of Investment Advisors (ABAI) with the Securities and Exchange Commission ( CVM) regarding the way the asset was marketed.

According to ABAI, commissions reached 2% per month on the volume sold. Since December, however, Fictor has been questioned about the lack of payments. In January of this year, the company even issued a statement that payments would be made on February 12th.

Investor left high and dry.

It is unlikely, however, that the ransom demands will be paid, given that Fictor Invest, which acted as the ostensible partner in the SCP structures, was included in the bankruptcy filing.

Although Fictor Holding and Fictor Invest were included in the context of the judicial reorganization (RJ), the group requested that its subsidiaries, which hold a significant portion of the group's assets, be excluded from the process.

The activities that Fictor is trying to keep out of RJ include Fictor Alimentos , classified as the Group's "main subsidiary," with five industrial units and a daily production capacity of 745.5 tons of finished product, in addition to a poultry hatchery.

Another business left out was Fictor Infraestrutura, which encompasses the company's energy and real estate divisions. This division includes 4 energy operations with a total investment of R$ 77 million, and 10 energy generation projects, totaling approximately R$ 190 million in investments.

In real estate, the company has over R$100 million in multifamily projects in operation in São Paulo and four other projects underway involving investments exceeding R$300 million. FictorPay, which concentrates the group's acquiring activities, was also excluded from the bankruptcy filing.

Fictor argues that its subsidiaries have become "the new flagship businesses of the Group" and are independent enough to maintain their operations without their outstanding obligations being included in the judicial reorganization process – which, according to Fictor, "would create a serious stress scenario for operations, with serious risks of losing customer and supplier portfolios, given the impossibility of paying bankruptcy claims."

In this case, Fictor says, the operation “would result in a true domino effect,” leading all the Group's companies to bankruptcy. The document also makes it clear that the debt of the subsidiaries has no relation whatsoever to the obligations assumed towards the partners participating in the SCPs.