One more Scandal: How Political Ties Risked Retirees’ Money in Amapá
By Hotspotnews
A fresh police investigation in Amapá has exposed yet another case of political favoritism putting ordinary people’s retirement savings in danger. The Federal Police launched Operation Zona Cinzenta to look into roughly R$ 400 million from the state’s public pension fund (Amprev) that was invested in risky financial products from the now-broken Banco Master.
At the center of the probe is Jocildo Silva Lemos, the president of Amprev. He was personally chosen for the job with strong support from Senate President Davi Alcolumbre, one of the most powerful politicians in Brazil. Lemos even served as treasurer for Alcolumbre’s election campaigns in the past. According to investigators, Lemos and two members of the fund’s investment committee pushed through these dangerous investments in 2024 despite clear warnings from inside the committee itself. Those warnings asked for more checks and advice from official oversight bodies, but they were ignored.
Adding to the suspicion is the fact that Alberto Alcolumbre, brother of Senator Davi Alcolumbre, sits on Amprev’s fiscal council—the group that is supposed to watch over the fund’s finances. While he is not currently named as a target in this specific operation, his position shows how closely tied family and political loyalty are to the management of public money meant for teachers, police officers, and other state workers.
The money was placed in high-risk financial letters from Banco Master, a bank that later collapsed and left many investors—including public pension funds—struggling to recover their funds. Amprev says the amount is less than 5% of its total portfolio and that it is already taking legal steps to try to get the money back. Still, the decision to take such a big risk with retirees’ savings raises serious questions about why it was allowed in the first place.
This is a classic example of what conservatives have warned about for years: when government jobs and big decisions go to loyal friends and family instead of qualified, independent people, corruption and bad management follow. Public money ends up being treated like a personal favor bank rather than a sacred trust for hardworking citizens.
The police raids are an important first step toward holding people accountable. But real change will only come when Brazil puts strict rules in place: no more political insiders running pension funds, clear and open investment rules, and real punishment for anyone who gambles with retirement money.
The people of Amapá—and all Brazilians—deserve a system that protects their savings, not one that risks them to benefit political allies.