Verde Asset says he was ‘victim of fraud’ in Americanas crisis

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In the midst of an intense dispute in court against creditor banks, the retailer filed for judicial recovery listing debts of more than R$ 40 billion. Verde Asset stated in a letter to shareholders that it “was the victim of fraud” in the Americanas crisis. The investment manager said that, although the fund had a relatively small loss with the debentures of the retailer that filed for bankruptcy last month, it will seek to “exercise its fiduciary duty” to protect its shareholders. “We have the biggest fraud in the corporate history of Brazil, a hole of more than R$ 20 billion”, said the fund in a letter released this Monday (6). READ ALSO: Americanas dismisses directors during investigations into accounting breach FROM R$20 BILLION TO R$43 BILLION: Understand Americanas’ debt AMERICANAS: See the glossary of the case and understand terms such as ‘forfait’, ‘covenants’ and ‘debentures’ UNDERSTAND : What is judicial recovery? G1 Explains: the hole in the Lojas Americanas accounts “How long has this fraud existed, who were the main perpetrators and beneficiaries, is a subject that will be widely discussed and explored in the Judiciary”, stated Verde Asset. Americanas, in the midst of an intense legal dispute against creditor banks, filed for judicial recovery listing debts of more than R$ 40 billion. The company’s main shareholders are Jorge Paulo Lemann, Beto Sicupira and Marcelo Telles, the trio of billionaires who founded the investment company 3G Capital. Verde also criticized Americanas for only removing executives from the company’s top management almost a month after the material fact that called the BRL 20 billion problems in the company’s balance sheet “accounting inconsistencies”. “It borders on unbelievable that only 23 days after the material fact, that someone from the company, whether in the financial area or in senior management, was removed. The financial management of the company (with the exception of the newly appointed CFO) continued to be carried out by the same people throughout the following period”, stated Verde. “The three controllers of the company, faced with the choice between contributions to repair a substantial part of the fraud, or to preserve its reputation, have been silent, but clearly chose the financial option”. Last week, President Luiz Inácio Lula da Silva criticized Lemann, during an interview on a television program, comparing him to Eike Batista, who was arrested for market manipulation and use of privileged information.

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