The contract for Havengate, a US-based fund linked to former congressman Eduardo Bolsonaro, to finance the film "Dark Horse", a biopic of former president Jair Bolsonaro, was signed 11 days after the first million-dollar transfer to the fund ordered by banker Daniel Vorcaro, owner of Banco Master. The information appears in a forensic report prepared by the defense of producer Go Up Entertainment and filed with the São Paulo State Court, according to a report published Thursday (27) by ICL Notícias.
According to the report, the contract between the fund and the producer was formalized on February 24, 2025. Documents originally published by The Intercept Brasil show that on February 13, 2025, the company Entre Investimentos e Participações transferred US$ 2 million to Havengate at Vorcaro's direction, at the request of Senator Flávio Bolsonaro, according to ICL. A SWIFT bank receipt records the transaction. The next day, businessman Fabiano Zettel forwarded the receipt to Vorcaro with the message "Filme!" ("Movie!"). The report points to no document predating the contract that tied that first payment to the project, ICL reports.
A schedule of nearly US$ 24 million
The forensic report states that all the money spent producing "Dark Horse", US$ 13.39 million (about R$ 69 million), came from Havengate: US$ 3.7 million in expenses in Brazil and US$ 9.66 million in the United States. Under the documents, Vorcaro had committed to a payment schedule of nearly US$ 24 million: two US$ 2 million installments in January 2025 and monthly payments of US$ 1.66 million from March 2025 to January 2026. At least US$ 10.6 million was actually paid to the fund, with some of the first six installments arriving late.
The messages obtained by The Intercept show that Senator Flávio Bolsonaro, the former president's eldest son and now his party's presidential candidate, pressed Vorcaro more frequently as the Banco Master crisis deepened. On November 15, 2025, one day before the banker was arrested by the Federal Police, the senator wrote: "Brother, I am and will always be with you, there is no half conversation between us. I just need you to give me a light! Hugs!" The chats indicate Vorcaro had been approached to bankroll the film since at least December 2024. Vorcaro has been in jail in Brasilia since his arrest, as Banco Master collapsed under fraud investigations.
In May, Flávio Bolsonaro said he would release the film's contract and accounting within 30 days. The deadline was not met. According to Revista Fórum, members of the Bolsonaro family have since presented the producer's own forensic report as public proof that the operation was regular.
What happens next
The financing of "Dark Horse" is the target of an inquiry opened at the request of the Prosecutor-General's Office to investigate suspected corruption involving Flávio, Eduardo Bolsonaro and Vorcaro. This week, Supreme Court Justice Flávio Dino authorized the Federal Police to access material seized in the investigation of the production company. On Friday (28), Vorcaro is expected to testify by videoconference in a separate inquiry into Central Bank employees suspected of taking payments to favor Master. Thursday's session was postponed because of technical problems.