Americanas: CVM includes trio of billionaires under investigation – 01/20/2023 – Market

The task force created by CVM (Comissão de Valores Mobiliários) to investigate the crisis at Americanas decided to also investigate the conduct of the company’s reference shareholders, the trio of billionaires Jorge Paulo Lemann, Beto Sicupira and Marcel Telles.

Alongside the company’s administrators, they are the target of a process that investigates the steps taken after the announcement of the “accounting inconsistencies” that culminated in the request for judicial recovery this Thursday (19).

Sought after, Americanas has yet to comment on the matter. THE Sheet was unable to contact the businessmen or their spokespersons.

The CVM does not disclose details of the processes, but an expert heard by the Sheet understands that the objective is to assess whether there was omission of relevant information in the first communication on the subject, released on January 11th.

In it, Americanas informed the market of the discovery of “accounting inconsistencies” in the amount of R$ 20 billion, with the identification of operations to finance purchases that “are not adequately reflected” in the balance sheet.

Two days later, the company went to court to ask for protection against its creditors, an action that had not been announced in the first statement.

“Although it is not clear, [o objeto do processo] suggests that the CVM is investigating whether the communication made on January 11 was clear enough to say everything the market needed to know”, says Tiago Gomes, master in commercial law from USP and partner at Ambiel Advogados.

Lemann, Sicupira and Telles have 30.1% of Americanas shares, a volume well above the second largest shareholder, investment fund manager Capital Group, with 9.91%. Sicupira is also a member of the board of directors.

Gomes considers, however, that Brazil has little jurisprudence on holding company shareholders accountable, which makes the outcome of the case unpredictable.

The process involving the reference shareholders is one of seven already opened at the CVM to investigate the conduct of the company and its managers. One of them will also assess the performance of the risk classification companies that analyzed the company’s accounts.

In another three, the CVM investigates possible irregularities in the company’s accounting information, in the disclosure of material facts and communications and in the trading of shares by its directors. Intermediaries in the issuance of shares are targets of another process.

THE Sheet had access to information from the first lawsuit opened, on January 12, which investigates the company’s financial statements.

In it, the CVM asks Americanas’ management for details on the accounting inconsistencies and their real impacts on the company’s finances. He also questions why the administrators said that the impacts on cash are “immaterial”.

The agency also determines that the company identifies the procedures adopted to correct the problem. The process lists balance sheets released by the company since the beginning of the last decade, but focuses on requests for information on results since 2017.

The CVM also says that it is making use of the agreements and cooperation it has with the Federal Police and the Federal Public Ministry to investigate the case.

“After the investigation and verification of facts and events, in case they are formally characterized as illicit and/or infractions, each of those responsible may be duly held responsible with the rigor of the law and to the extent applicable”, says the CVM.