The judge said that the measure was adopted due to the risk that the messages would be deleted; decision meets Bradesco’s request
The Justice of São Paulo authorized this Thursday (26.jan.2023) a search and seizure operation of 10 years of e-mails from employees in the accounting and finance area, directors and members of boards of directors and audit from Americanas. read the full of the decision, which responds to a request made by Bradesco (71 KB).
The decision mentions that the measure was adopted in view of the risk that the emails, which may help in the investigation, would be deleted. The text was signed by Judge Andréa Galhardo Palma, from the 2nd Regional Court of Business Competence and Conflicts Related to Arbitration of the São Paulo Court.
wanted by Power360Americanas said that “will wait to be formally notified of the decision to adopt the appropriate measures”. also to Power360Bradesco declared that it will not manifest itself.
UNDERSTAND THE CASE
THE TJRJ (Court of Justice of Rio de Janeiro) informed on Thursday (19.jan.2023) that it accepted the request for judicial recovery presented by Americanas. The company disclosed a notice to the market on January 11 informing inconsistencies in accounting entries of approximately R$20 billion. The executive Sergio Rial he requested resignation of the position of CEO of the company, as well as André Covre, Director of Investor Relations. The executives had been with the company for 9 days. Here’s the full of the document (409 KB).
the former CEO had claimed not knowing the company’s financial picture and said he left after 9 days of work when he noticed the situation. He replaced Miguel Gutierrez, who had been in charge since August 2020.
The CVM (Comissão de Valores Mobiliários) determines that there is an independent auditor for the balance sheets. Since October 2019, the PwC took on this role, replacing the KPMG. The company approved Americanas’ balance sheets without reservations for 2021. Power360 contacted PwC, which said it does not talk about customer cases. The space remains open.
4th MAJOR IN BRAZIL
The judicial recovery of Americanas is the 4th largest in Brazil. Odebrecht leads as the company with the most money involved in a procedure of this nature, with BRL 80 billion in debt. 2nd place goes to Hey (R$ 65 billion) and the 3rd with the Samarco (BRL 55 billion). Data were collected by Lara Martins Advogados and Mingrone e Brandariz.
BTG & AMERICANAS
THE BTG Pactual obtained on Wednesday (18.jan.2022) an injunction to block R$ 1.2 billion from Americans at the TJ-RJ (Court of Justice of Rio de Janeiro). With the judicial recovery, this financial execution was suspended.
BTG alleged Americanas’ accounting fraud and said the company could not harm creditors for the irregularities. Regarding the precautionary measure, the judge said there is a need to “diligence in order to avoid the use of the instrument as a means of defrauding creditors, under penalty of being emptied” the purpose of the law.
BTG contests the request for a judicial recovery plan for Americanas. “Accounting fraud is not a legitimate social function, deserving of the protection of the law, but an act that must be severely punished, with its potential criminal consequences”, said the bank.
Other banks went to court, such as Goldman Sachs (here’s the proof of the petition – 146 KB), Bradesco, Bank of America and Banco Votorantimaccording to the newspaper Economic value.
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