CVM opens inquiry to investigate privileged information on Americanas – 01/27/2023 – Market

The CVM (Comissão de Valores Mobiliários) advanced in the investigations into the accounting scandal that led Americanas to enter into judicial recovery. Two inquiries were opened to investigate privileged information and accounting irregularities in the company.

The surveys derive from processes previously opened by the municipality. The decision to open an investigation indicates that investigations have advanced within the technical area of ​​the company. It is a step towards formulating charges for irregularities in the actions of executives and companies.

The CVM does not give details about the investigations. In the procedure that investigates privileged information, it only says that the objective is “to investigate possible irregularities in negotiations with assets issued by the company”.

Americanas’ executive compensation policy provides, in addition to salary and bonuses, for the transfer of shares as a performance award. During 2022, the company’s directors carried out a series of operations to sell shares on the Stock Exchange.

Minorities question whether the operations were carried out with knowledge of the company’s real situation, which came to light on January 11, when then-president Sergio Rial announced “accounting inconsistencies” in the amount of R$ 20 billion.

On Thursday (26), the CVM asked the Justice for access to evidence obtained in a process initiated by Bradesco, which asked for searches on the computers of company executives to investigate whether there was accounting fraud. Bradesco obtained authorization, but Americanas appealed.

In response to the appeal, Bradesco alleged that “Americanas was the stage for one of the biggest accounting frauds in the private sector”. The company denies that it is possible to claim that there was fraud.

In the processes to investigate the case, the CVM investigates from the fulfillment of rules for the disclosure of material facts to the sale of shares by directors of Americanas in the last year

One of them includes the trio of billionaire reference shareholders and the company’s board of directors for omitting relevant information in the first statement about the accounting scandal that led to the filing for bankruptcy last Thursday (19).