BRASILIA (Reuters) – Brazil’s securities regulator CVM has charged eight former executives of retailer Americanas with insider trading related to the company’s securities ahead of a high-profile accounting scandal being revealed in 2023.
CVM said in a statement late Friday that after completing an administrative investigation, it had gathered “compelling, strong and converging elements” to support accusations against former CEO Miguel Gutierrez and seven other former executives, including Jose Timoteo de Barros and Anna. Yes. Christina Saikali.
Americanas said it had been the victim of “complex accounting fraud” orchestrated by former executives, including the misuse of privileged information, according to an investigation conducted by an independent commission and authorities.
The company said it was very interested in clarifying the facts and holding all responsible parties legally accountable.
Representatives for Gutierrez, Barros and Saicali did not immediately respond to requests for comment.
The Americanas accounting fraud scandal rocked Brazilian markets last year, raising concerns about regulatory oversight and effective punishment for misconduct.
The retailer, backed by three billionaires who founded investment firm 3G Capital, filed for bankruptcy protection after discovering $4 billion in accounting discrepancies.
