CVM accuses eight former Americanas executives of using privileged information

The Securities and Exchange Commission (CVM) has charged eight former executives at retailer Americanas with improper use of inside information in trading issued by the company before the disclosure of the accounting scandal in 2023.

In a statement late Friday, the CVM said that, after completing an administrative investigation, it had gathered “robust, strong and converging elements capable of supporting the charges” against former CEO Miguel Gutierrez and seven other former executives , including José Timotheo de Barros, Anna Christina Ramos Saicali.

Americanas said the findings of investigations conducted by its independent panel and authorities show it was the victim of a “complex earnings fraud” orchestrated by its former executives, including the misuse of inside information.

The company said it is interested in clarifying the facts and ensuring that all those responsible are held legally accountable.

Representatives for Gutierrez, Barros and Saicali did not immediately respond to requests for comment.

Americanas has been in judicial recovery since last year, after a billion-dollar accounting fraud was revealed at the retailer.

Source: Terra

Rose

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