BRASILIA (Reuters) – Brazil’s securities regulator CVM accused eight former executives of retailer Americanas of insider buying and selling involving the corporate’s securities forward of the disclosure of a high-profile accounting scandal in 2023.
In a press release late on Friday, the CVM mentioned that after concluding an administrative inquiry, it gathered “sturdy, compelling, and convergent parts” to assist the accusations towards former CEO Miguel Gutierrez and 7 different former executives, together with Jose Timotheo de Barros and Anna Christina Saicali.
Americanas mentioned the findings from investigations carried out by its unbiased committee and authorities present it was the sufferer of a “advanced accounting fraud” orchestrated by its former executives, together with misuse of privileged data.
The corporate mentioned it has sturdy curiosity in clarifying the information and guaranteeing all these accountable are held legally accountable.
Representatives for Gutierrez, Barros, and Saicali didn’t instantly reply to requests for remark.
The accounting fraud case at Americanas rattled Brazilian markets final yr, elevating issues about regulatory oversight and the efficient punishment of any misconduct.
The retailer, backed by three billionaires who based funding agency 3G Capital, filed for chapter safety after discovering $4 billion in accounting discrepancies.
