Retailer wants conviction of 4 former executives for fraud that led to judicial recovery, as well as compensation and reimbursement of expenses
It began this Thursday (11.mar.mar.2025) an arbitral procedure against 4 former directors involved in an accounting fraud that led the company to judicial recovery in 2023. The process seeks to hold Miguel Gutierrez, Anna Saicali, Thimoteo Barros and Marcio Cruz for the compensation for material and immaterial damage.
The decision was approved at AGE (Extraordinary General Assembly) held in December 2024.
In a statement, Americanas stressed that the action aims to clarify the facts and civilly and criminally responsible those involved. In addition, the company requested the reimbursement of expenses with the arbitration process. According to the company, internal investigations pointed out that former directors manipulated financial statements. Read A (PDF – 180 KB).
For the calculation of the facts, the Board of Directors created an independent committee, whose results were sent to the MPF (Federal Public Prosecution Service), the PF (Federal Police) and the CVM (Securities Commission).
The committee report revealed that former company directors falsified contracts with suppliers to disguise financial results. Specifically, cooperated advertising funds – known as VPCs – were manufactured to improve the information released by Americanas.
