In brief
7 billion returned to the Treasury, because they were issued before the execution phase ended.
The case goes to the council plenary.
What we know
04Verified fact
According to Gazeta do Povo, Justice Benedito Gonçalves ordered the cancellation of 16 payment orders issued before the execution became final, deposited and blocked since 2023, reinstated rulings of the 6th Federal Civil Court of the Federal District suspended by the TRF1 presidency, set a five-day deadline and will take the case to the CNJ plenary; in the Usina Tabu case, R$ 6.3 billion had already been returned.
Details the grounds and the procedure.
Sources[01]Verified fact
According to Valor, the payment orders belong to mills on a list linked to Daniel Vorcaro, former controller of Banco Master.
Connects the ruling to the Master case.
Sources[02]
Transmission to assets
Market read-through
The R$ 4.7 billion comes in as extraordinary revenue and supports meeting the 2026 target without spending freezes; together with Gilmar Mendes proposal to standardize the expert proof requirement at the full bench, the ruling lowers the expected value of sugar and ethanol payment orders and hits creditors and funds that bought them at a discount.
Portfolio impact
02R$ 4.7 billion in extraordinary revenue helps the 2026 target.
Marginal effect on the fiscal premium.
What would change the view: CNJ plenary endorsing the ruling.
Cancellation lowers the expected value of claims against the government.
Losses for creditors and funds that bought at a discount.
What would change the view: Higher courts upholding the ruling.
Direction is an explanatory hypothesis, not a forecast or recommendation.
Next signals
What to watch
- CNJ plenary endorsement
- Mill appeals to the Supreme Court
- Vote on the Gilmar motion in the Second Panel by October 2
Limits of the reporting
What remains uncertain
- Valor reports R$ 4.73 billion and Gazeta do Povo about R$ 4.7 billion.
- The full list of affected mills was not disclosed.