The Macam Shoppings FII comprises four assets: Boulevard Brasília, Boulevard Londrina, Boulevard Vila Velha, and Passeio das Águas. However, the fund does not hold full ownership of these properties. 

In Boulevard Brasília, the FII holds a 90% stake, while its interest in the Londrina asset stands at 80%. The Boulevard Vila Velha, located in Espírito Santo, has a 50% ownership share, and Passeio das Águas, in the state of Goiás, accounts for just 10%. 

In addition to these assets, Shopping Praça das Dunas is also part of the Macam Shoppings FII portfolio. The development, however, is still under construction, with completion scheduled for 2027. There is currently no information on whether ownership of the asset will ultimately be transferred to BRB. 

This situation is part of a large-scale financial and political scandal known as Operation Compliance Zero. Federal Police investigations indicate that the fraud involved the sale of nonexistent or distressed credit portfolios from Banco Master to BRB. 

When the fraud began to surface and Banco Master faced a liquidity crisis, negotiations were carried out in an attempt to contain BRB’s losses. Instead of cash, the bank received shares in investment funds, effectively making it an indirect owner of the Alife Nino group and the Macam fund. 

These developments have had consequences for BRB. In January, S&P Global downgraded the bank’s credit ratings due to persistent reputational risk. In addition, the bank’s former CEO, Paulo Henrique Costa, and its chief financial officer were removed from their positions amid the investigations. In testimony, the former CEO stated that he did not have “clarity” about the fraud at the time the transactions were executed.