Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Former CEO of Brazil's Americanas denies knowledge of accounting fraud

Published 09/05/2023, 12:18 AM
Updated 09/05/2023, 12:55 PM
© Reuters. FILE PHOTO: People walk in front of a Lojas Americanas store in Brasilia, Brazil January 12, 2023. REUTERS/Ueslei Marcelino/File Photo

By Carolina Pulice

(Reuters) -Former Americanas Chief Executive Miguel Gutierrez denies any knowledge of accounting irregularities during the two decades he was at the helm of the Brazilian retailer, he said in a letter sent to congressional investigators

Gutierrez never "participated, authorized, ordered, tolerated or became aware of any act tending to manipulate the company's accounting or to enable any type of fraud", he said in the Sept. 4 letter sent to the congressional committee investigating the company's near-collapse and viewed by Reuters.

Americanas disputed Gutierrez's assertion, reiterating in a statement that independent advisers it had hired had found that management at the time had "fraudulently altered" documents to hide the circumstances that led to its bankruptcy filing.

The company, which runs of chain of stores and one of Brazil's largest e-commerce retailers, was thrown into crisis early this year by the disclosure of more than 20 billion reais ($4 billion) of accounting inconsistencies.

Allegations that Gutierrez and other executives were involved in accounting fraud were first made in June.

The letter marks the first time that Gutierrez has addressed the allegations.

Several former Americanas directors have testified before the congressional committee in the past few weeks. Gutierrez has been invited to testify but has said that health issues have prevented him from doing so.

In the letter, Gutierrez also said that reference shareholders in Americanas - Brazilian billionaires Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles - and board members "had responsibilities relating to the financial and accounting issues of the company".

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

On Tuesday the trio's holding company, LTS, also rejected Gutierrez's accusations.

LTS said his comments "do not provide any proof of his allegations or refute evidence of his participation in the fraud". The holding company described what happened at Americanas as "cunning fraud".

Gutierrez's immediate successor, Sergio Rial, said in testimony last week that he had not seen any evidence that the reference shareholders or board members had participated in the fraud.

($1 = 4.9373 reais)

Latest comments

no aydya
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.