Injunction allows Bradesco to have access to messages from company directors for “early production of evidence”
Americanas filed an appeal with the São Paulo Court of Justice (TJSP) on Friday (27.Jan.2023) to annul an injunction obtained by Bradesco that authorized an operation to seize e-mails from directors and board members of the company in the last 10 years old.
Bradesco claims to be a creditor of around BRL 4.7 billion to Americanas and asked for access to the emails for “early production of evidence” in a possible claim for damages. The injunction was granted by the São Paulo Court of Justice.
The retailer, which said it had not been formally notified of the decision, asked for the annulment of the injunction obtained by Bradesco. She informed that the initiative is a “predatory posture of hasty creditors” and aims “only disrupt the progress of the process”.
According to the company, Bradesco “not the Public Prosecutor’s Office” and “therefore, it has neither active legitimacy nor procedural interest for a claim of this magnitude”.
In addition to Bradesco, Santander, Itaú and Safra also asked that documents, messages and emails exchanged in recent years be presented. Itaú’s request was denied.
Americanas claims that the BRL 20 billion shortfall is already being investigated by the CVM (Securities and Exchange Commission), together with the Public Ministry and the Federal Police, in addition to an independent committee within the company.
“The investigation of possible fraud is of interest not only to Bradesco, but to the Americanas Group itself and all its other creditors”, said the company.
In the appeal presented, the company’s defense also alleges that Bradesco cannot try to hold individuals responsible “without giving opportunity to the right of defense” and that those involved have “fundamental right to privacy and intimacy”.
“The content of the documents to be presented by the Americanas Group is confidential, containing not only information about business, but also about the private life of the people affected. Conversations between father, mother and children; husband and wife”.
UNDERSTAND THE CASE
THE TJ-RJ (Court of Justice of Rio de Janeiro) accepted on January 19 the request for judicial recovery presented by Americanas.
On January 11, the company released a statement to the market informing a gap in accounting entries of around R$ 20 billion. The executive Sergio Rial resigned as CEO of the company, as did André Covre, director of Investor Relations. They had been with the company for 9 days. Here’s the full of the document (409 KB).
Rial said he did not know about Americanas’ financial situation. He said he decided to leave after realizing the situation. He replaced Miguel Gutierrez, who had been in charge since August 2020.
The CVM 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.
PRIVILEGED INFORMATION
In addition to salary and bonuses, Americanas executives receive shares as a performance award. In 2022, they made a series of sales operations on the Exchange.
These movements led minority shareholders to question whether the retailer’s directors knew about the hole in the company’s accounts.
Bradesco obtained judicial authorization to access the computers of Americanas executives, but the company appealed.
JUDICIAL RECOVERY
Americanas’ judicial reorganization 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.
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