BRASILIA (Reuters) – Brazil’s securities regulator CVM has charged eight former executives of retail chain Americanas with insider trading of the company’s securities ahead of the disclosure of a high-profile accounting scandal in 2023.
In a statement issued late Friday, CVM said that following the conclusion of its administrative investigation, it had gathered “solid, compelling and converging elements” to support the accusations against former CEO Miguel Gutierrez and seven other former executives, including Jose Timotheo de Barros and Anna. Krystyna Saicali.
Americanas said findings from investigations by an independent commission and company authorities indicate it was the victim of a “complex accounting fraud” orchestrated by its former directors, involving the misuse of confidential information.
The company said it was very interested in clarifying the facts and ensuring that all those responsible were held legally accountable.
Representatives for Gutierrez, Barros and Saicali did not immediately respond to requests for comment.
The Americanas accounting fraud case rocked Brazilian markets last year, raising concerns about regulatory oversight and the effective punishment of any inappropriate behavior.
The retailer, backed by the three billionaires who founded investment firm 3G Capital, filed for bankruptcy protection after discovering $4 billion in accounting discrepancies.
