Bolsonaro Movie Dark Horse: Studio Reports R$75 Million in Spending Amid Misuse Probe

The production company Go UP Entertainment has declared total spending of R$75.1 million on the film “Dark Horse”, which portrays the life of former president Jair Bolsonaro. The figure has emerged amid a police and São Paulo Public Prosecutor’s Office investigation into the possible diversion of public funds from a municipal contract to finance the film.

Documents attached to the inquiry indicate that R$54 million of that amount was spent abroad, while R$20.9 million was disbursed in Brazil. Converted into dollars, the film’s total cost would have been US$13.39 million, according to an expert report prepared by the defense of businesswoman Karina da Gama, owner of Go UP Entertainment and of the NGO Instituto Conhecer Brasil (ICB). The investigation seeks to determine whether funds from a R$108 million contract signed with the city of São Paulo for installing wi-fi hotspots in outlying areas were used in the production.

## Investigation points to link between wi-fi contract and film production
São Paulo police and the Public Prosecutor’s Office are investigating businesswoman Karina Ferreira da Gama, owner of Go UP Entertainment and of the NGO Instituto Conhecer Brasil (ICB). At the heart of the investigation is a R$108 million contract signed between the ICB and the São Paulo city government for installing wi-fi hotspots in low-income neighborhoods of the capital. The suspicion is that public funds earmarked for that project may have bankrolled the production of “Dark Horse”. Both of the businesswoman’s companies, the studio and the NGO, operate at the same address.

## Alleged involvement of Flávio Bolsonaro and Daniel Vorcaro
Negotiations to finance “Dark Horse” reportedly involved banker Daniel Vorcaro, who is under arrest, and senator Flávio Bolsonaro (PL-RJ). According to the original reporting, the banker allegedly funneled about R$61 million into the film production. There are accounts that Flávio Bolsonaro acted in direct negotiations and pressed for payments, including an attempted transfer of US$24 million, worth approximately R$134 million at the time.

## Details on declared spending and the source of the funds
The expert report cited by Karina da Gama’s defense, which lists R$75.1 million in spending, was prepared by the Instituto de Perícia Investigativa (IPI) at the request of the businesswoman’s lawyers. However, the document presents no receipts or invoices to back the spending, raising questions about whether the figures can be substantiated. One point of concern in the investigation against Karina da Gama is the submission of invoices with no fiscal validity in previous financial reports to the São Paulo city government.

## Track record of the studio and the NGO raises questions
One striking aspect is the track record of the companies involved. Before “Dark Horse”, Go UP Entertainment had no registered film production record in Brazil. Likewise, the Instituto Conhecer Brasil (ICB) had never installed wi-fi hotspots in São Paulo’s outskirts before taking on the city government contract, an administration allied with the Bolsonaro family. These facts add further layers to the investigation into how the public funds were used.

## Expert report and the lack of proof of public origin
The private expert hired by Karina da Gama’s defense, Anísio Costa Castelo Branco, stated in his report that he found no “cash inflows from public funds, government transfers or financing” directly. Even so, the document relied on the NGO’s contracts, financial spreadsheets and bank statements without reproducing those documents as evidence. The report also fails to clarify the origin of the R$20.9 million spent in Brazil by Go Up.

## Studio’s earlier statements and the need for new investors
Back in May, Karina Ferreira da Gama had already said in interviews that the film’s budget stood at around US$13 million, with 90% of that amount supposedly covered by former Banco Master owner Daniel Vorcaro. According to her, the film still needs funds for post-production, including special effects and sound mixing, though she stressed those amounts are far smaller. After Vorcaro’s arrest, the studio and its team reportedly sought new private-sector investors to keep the project going.

## Conflicting figures in the film’s financing
The information on the financing of “Dark Horse” involves different figures that still need clarifying. The studio declares spending of R$75.1 million. Daniel Vorcaro allegedly directed R$61 million to the film through a U.S.-based fund. Previously, Flávio Bolsonaro had reportedly negotiated an amount of around R$134 million. Meanwhile, the municipal wi-fi contract at the center of the investigation totals R$108 million, which deepens suspicion about the origin of the funds.

## What those involved say and where things stand
The ongoing investigations aim to clarify the origin of the funds used to produce “Dark Horse” and whether public money was misapplied. The case involves prominent political and business figures, which heightens public interest and the complexity of the inquiry. São Paulo’s city government, through its contract with Karina da Gama’s NGO, and the parties directly tied to the film’s production are the authorities’ main focus.