Brazil Audit Court Backs Off Threat Over Master Liquidation (1)

The head of Brazil’s Audit Court said that only the Supreme Court can reverse a central bank decision to liquidate troubled Banco Master SA, effectively backing away from a previous threat to overturn the monetary authority’s ruling.

Vital do Rego told Reuters in an interview published Wednesday that, while it’s up to the top court to rule on Master’s liquidation, the audit court, known as TCU, intends to contribute by making the results of its investigation into the legality of the operation available to the justices.

Rego’s remarks coupled with a Thursday decision by a second Audit Court member ...