Americanas Case: CVM opens four new processes to investigate irregularities and complaints

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Autarchy already has ten lawsuits and two open inquiries related to the retailer’s case. Americanas is one of the main retailers in the country Reuters The Securities Commission (CVM), the authority responsible for regulating the capital market in Brazil, announced this Wednesday (8) the opening of four new administrative proceedings in the Americanas case. The objective is to investigate unspecified complaints received through the CVM’s service channels and possible irregularities in the performance of the independent auditors PricewaterhouseCoopers and KPMG. With the new findings, the CVM now has 10 ongoing administrative proceedings related to the retailer’s case, in addition to two inquiries to investigate possible use of privileged information and evidence of accounting fraud of R$ 20 billion. READ ALSO: Justice accepts Americanas’ judicial recovery request What does Americanas say to file for judicial recovery From R$ 20 billion to R$ 43 billion: understand Americanas’ debt VIDEO: understand how the judicial recovery works According to the autarchy, if they come for infractions related to the new processes to be formally characterized, “each of those responsible will be duly held responsible for the application and rigor of the law and to the extent applicable”. “Within the scope of its sphere of competence, the CVM will not tolerate illicit acts that threaten the health and proper functioning of the capital market”, says the entity in a note. G1 Explains: the hole in the accounts of Lojas Americanas Previous processes On January 19, the autarchy had increased the number of processes to investigate the retailer’s case. On the occasion, the CVM also announced a task force composed of several superintendences, among them the Relations with Companies (SEP) and the Relations with the Market and Intermediaries (SMI). CVM’s first administrative processes investigate: possible irregularities involving accounting information; eventual irregularities in the disclosure of news, relevant facts and announcements; possible irregularities in negotiations with assets issued by the company; complaints received through the CVM’s service channels; the conduct of the company, reference shareholders and management; the performance of intermediaries in the process of public offerings involving the company’s assets; the performance of credit risk rating agencies in relation to Americanas. The autarchy also stated that it has the support of the Federal Police (PF) and the Federal Public Ministry (MPF), in addition to being “in constant dialogue with the Attorney General’s Office, notably the PRF2, in order to coordinate any joint action in judgment”. Understand the case Americanas’ accounting scandal began after the company reported that it had discovered “inconsistencies in accounting entries” worth R$ 20 billion. The company’s then-president, Sergio Rial, and investor relations director, André Covre, decided to leave the company less than ten days after taking office. With the announcement, the company saw its shares melt on the Brazilian stock exchange, losing more than R$ 8 billion in market value in just two days. See the chronology of events. At the end of January, the retailer sent a document to the Court in which it points out that the total amount of its debts amounts to R$ 43 billion, owed to about 16.3 thousand creditors.

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