CVM opens new processes and includes audits in investigations into Americanas

The CVM (Securities and Exchange Commission) announced this Wednesday (8) the opening of four new processes to investigate the crisis in Americanas, which filed for bankruptcy after the discovery of “accounting inconsistencies” in its balance sheet.

In two of the new processes, the objective is to investigate possible irregularities in the performance of the auditing companies that evaluated the retailer’s balance sheets in recent years: KPMG, in 2017 and 2018, and PwC, from 2019 to 2022.

Through their press offices, the two companies said that, for reasons of professional secrecy, they do not comment on cases involving clients or former clients.

Audits are responsible, according to the CVM’s own definition, for “assuring credibility to the financial information of a given entity, when opining whether the financial statements prepared by its management represent, in all relevant aspects, its equity and financial position”.

PwC is already the target of lawsuits filed by minority investors who lost money with the meltdown of Americanas shares after the announcement of the discovery of inconsistencies.

Corporate governance experts questioned in interviews with Sheet their performance and that of other so-called “market guardians”, such as risk agencies and analysis houses, who did not issue warning signs about the company’s situation.

The CVM does not give further details about the processes. The other two investigations opened this Wednesday will investigate complaints received through the autarchy’s service channels, which has been encouraging anonymous complaints about the case.

Now, there are eight lawsuits and two administrative inquiries to investigate the Americanas crisis. The latter represent advances in investigations into the use of privileged information in the sale of shares and accounting irregularities in the company.

Among the targets of CVM investigations, in addition to Americanas’ management, are the company’s main shareholders, the trio of billionaires Jorge Paulo Lemann, Beto Sicupira and Marcel Telles. They are the target of a process that investigates the steps taken after the announcement of the accounting scandal.

In a note, the CVM says that the opening of new processes is “another evolutionary step taken by the task force set up to investigate, investigate and identify potential irregularities involving the said company”.

“In the event that infringements are formally characterized, each of those responsible will be duly held responsible for the application and rigor of the law and to the extent applicable to it”, continues the municipality.

“Within the scope of its sphere of competence, the CVM will not tolerate illicit acts that threaten the health and proper functioning of the capital market.”