Panel SA: Investor association says that minority was deceived in loss of BRL 20 billion from Americanas

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After the announcement of the BRL 20 billion hole in Americanas’ balance sheet, this Wednesday (11), Abradin (Brazilian Association of Investors) says it is considering adopting measures with the CVM (Securities Commission) and the Public Prosecutor’s Office to protect minority shareholders.

For Aurelio Valporto, President of Abradin, investors “were deceived”. The association will ask the regulator to determine the responsibilities of the individuals involved and possible punishment. In the MP, the idea is to verify the possibility of reimbursement to the company’s coffers, in addition to observing the possible occurrence of crimes and the involvement of controllers, according to him.

“This news took us by surprise, and the first thing that caught my attention was the absolute incompetence of the auditors. This fact greatly harms investors’ assets and undermines the credibility of the national capital market. The responsible individuals must be pedagogically punished both in the civil and criminal scope, if applicable. Abradin will study the appropriate measures with the CVM and the Public Prosecutor’s Office. The possible responsibility of the controllers, current and former, should also be rigorously investigated”, he says.

Along with the announcement of the case, the new president of Americanas, Sérgio Rial, and the director of investor relations, André Covre, who took over recently, announced that they will leave the company. Rial continues as adviser to the reference shareholders of Americanas, the trio of billionaires from the investment fund 3G Capital–Jorge Paulo Lemann, Beto Sicupira and Marcel Telles.

Joana Cunha with Paulo Ricardo Martins and Diego Felix

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