Brazil watchdog offers plea deals to Americanas employees in over $4bn fraud probe

📆 21/06/2023 11:48 AM
📰 DunyaNews

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Firm engaged in retail sector last week admitted to a large-scale accounting fraud

SAO PAULO – The president of Brazil's securities watchdog CVM on Tuesday urged employees from Americanas with information about the retailer's alleged multi-billion-dollar fraud to give testimony in exchange for potential plea deals.

"I would like to encourage you to collaborate with the CVM, because will certainly be identified," CVM chief Joao Pedro Barroso do Nascimento told a congressional committee. Americanas last week admitted to a large-scale accounting fraud with current top managers slamming former executive, banks and auditors for their alleged involvement in "fraudulently altered" financial statements.

Americanas filed for bankruptcy protection in January after uncovering an over $4 billion accounting scandal. The report issued on Tuesday accused ex-CEO Miguel Gutierrez and half a dozen other former executives and employees of committing fraud.Americanas SA, formerly known as B2W - Companhia Global do Varejo SA, is a Brazil-based company engaged in the retail sector. The firm operates through several sales channels: e-commerce, marketplace, catalogues, kiosks and physical stores.

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