SAO PAULO, March 1 (Reuters) – The administration of troubled Brazilian retailer Americanas SA (AMER3.SA) denied the existence of the monetary operations that led to an accounting scandal early this yr, a report by native newspaper O Globo confirmed on Wednesday, citing inner investigation paperwork.
The paperwork, in response to the report, present that the audit committee requested executives on at the very least 4 events concerning the operations that generated the accounting deficit within the firm, however every time the executives stated the operations merely “didn’t exist.”
Americanas didn’t instantly reply to a request for remark.
The corporate, which counts the billionaire trio that based 3G Capital as reference shareholders, entered chapter safety earlier this yr after uncovering roughly $4 billion in “accounting inconsistencies.”
In early February, the corporate’s board determined to take away three administrators and three executives amid investigations over it, following a court docket order for the seizure of company emails of managers and board members from the corporate despatched and obtained over the past 10 years, in response to paperwork seen by Reuters.
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The order cited its perception that “administrators, board members, shareholders and auditors allowed an enormous accounting fraud to occur.”
The 93-year-old firm, with shops throughout Brazil and a significant e-commerce unit, stated in a securities submitting in January that it will restructure money owed of about 43 billion reais.
Reporting by Flavia Marreiro; Writing by Carolina Pulice and Peter Frontini; Enhancing by David Gregorio
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