CVM opens inquiries to investigate irregularities in the Americanas case

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Autarchy will investigate possible use of privileged information and irregularities related to accounting inconsistencies of R$ 20 billion. 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 Friday (27) the opening of two investigations into the Americanas case. The objective is to investigate possible use of privileged information and irregularities related to accounting inconsistencies of BRL 20 billion. The inquiries were initiated based on processes already opened in the municipality. On January 19, the CVM had increased from five to seven the number of cases open for investigation of the retailer’s case. On the occasion, the autarchy also announced a task force composed of several superintendencies, among them the Relations with Companies (SEP) and the Relations with the Market and Intermediaries (SMI). Open administrative processes will investigate: eventual 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. “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 accountable with the rigor of the law and to the extent applicable”, he informed, in a note, the CVM. ALSO READ: Justice accepts Americanas’ judicial recovery request What Americanas says to file for judicial recovery VIDEO: understand how judicial recovery works 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 court”. Understand the case Americanas’ accounting scandal began last week, when the company reported that it had discovered “inconsistencies in accounting entries” worth R$ 20 billion. With that, the then president of the company, Sergio Rial, and the director of investor relations, André Covre, decided to leave the company, less than ten days after being sworn in. Since then, the company has seen 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.

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