BRASILIA (Reuters) -Brazil’s securities regulator CVM accused eight former executives of retailer Americanas of insider buying and selling involving the corporate’s securities forward of the disclosure of a high-profile accounting scandal in 2023.
In an announcement late on Friday, the CVM mentioned that after concluding an administrative inquiry, it gathered “robust, compelling, and convergent elements” to help the accusations in opposition to former CEO Miguel Gutierrez and 7 different former executives, together with Jose Timotheo de Barros and Anna Christina Saicali.
Americanas mentioned the findings from investigations carried out by its impartial committee and authorities present it was the sufferer of a “complex accounting fraud” orchestrated by its former executives, together with misuse of privileged info.
The corporate mentioned it has sturdy curiosity in clarifying the details and guaranteeing all these accountable are held legally accountable.
Gutierrez’s protection mentioned accusations are primarily based on unproven assumptions, including the share sale carried out by the chief “was conducted with integrity and fully in accordance with current regulations.”
Barros’ lawyer mentioned he had nothing to say, including that the protection of his shopper could be made “by proving innocence with objective data.”
A consultant for Saicali mentioned she wouldn’t touch upon the matter.
The accounting fraud case at Americanas rattled Brazilian markets final 12 months, elevating considerations about regulatory oversight and the efficient punishment of any misconduct.
The retailer, backed by three billionaires who based funding agency 3G Capital, filed for chapter safety after discovering $4 billion in accounting discrepancies.
