Producer reports spending R$75 million on “Dark Horse” – 06/12/2026 – Politics

A private forensic report hired by the defense of Go Up Entertainment says the film “Dark Horse,” a production made in tribute to former Brazilian president Jair Bolsonaro, cost a total of $13.4 million, or about R$75 million, and did not receive public funding or incentives. The report was attached to a police investigation examining whether public money may have been diverted into the film through a contract between the City of São Paulo and the Instituto Conhecer Brasil, led by Karina Ferreira da Gama, who owns Go Up Entertainment.

The defense describes the report as a “preventive investigative forensic analysis” intended to anticipate police findings and argue that no misuse of public funds occurred. The case has drawn additional attention after a leaked audio recording allegedly captured Senator Flávio Bolsonaro asking for funds from Daniel Vorcaro, former controller of Banco Master, to help finance the production. The report says spending in Brazil between June 1, 2025, and June 4, 2026, totaled R$20.9 million, while production costs in the United States reached $9.66 million, bringing the combined total to $13.39 million.

According to the document, that amount represents about 56% of the R$134 million reportedly discussed in negotiations cited by The Intercept Brasil involving Flávio Bolsonaro and Vorcaro. A central element of the report is the role of the Havengate Development Fund LP, a U.S.-based fund that allegedly signed an investment contract for the film on February 24, 2025. The report says contributions attributed to Havengate totaled $13.3 million, matching the declared overall production cost.

The report does not name Vorcaro or other possible financiers. However, media reports have said Havengate is managed by lawyer Paulo Calixto, who is linked to Eduardo Bolsonaro, Jair Bolsonaro’s son, who has lived in the United States since February 2025. The forensic analysis argues that the money examined appears to be private in origin, based on contracts, bank statements, remittance records, and other financial documents reviewed by the defense. It says it found no evidence of public funds, tax incentives, Rouanet Law resources, or money from the São Paulo city government, while also noting that its conclusions are limited to the documents submitted for review.

The report was commissioned by Karina’s defense team, led by lawyer Ricardo Sayeg, who has advised postponing the film’s release until after elections to avoid linking it to the political dispute. Karina said she is considering the recommendation and may delay the premiere. She has also said the project aims for Oscar recognition. Meanwhile, the Federal Police is also investigating whether money linked to Vorcaro may have helped cover Eduardo Bolsonaro’s expenses in the United States. Both Flávio and Eduardo deny wrongdoing.