Court gave 3 days for the company to release documents to avoid “risk of perishing of the evidence to be produced”
The 2nd Regional Court of Business Competence and Conflicts Related to Arbitration of São Paulo determined on Sunday (Feb 6, 2023) that Microsoft (server provider) grant access to copies of e-mails from Americanas employees within a period of 3 days.
Judge Andréa Galhardo Palma’s decision partially complied with a request by Bradesco bank. According to the document, the determination seeks to avoid “the risk of perishing of the evidence to be produced” in the process involving the company. Here’s the full (41 KB).
It was decided that representatives of expert Kroll –a multinational risk and cybersecurity consulting company– remove the e-mail boxes accompanied by a Justice official. The action must be carried out at the headquarters of Americanas, in São Paulo.
In the decision, a letter was also sent to the PwC and the KPMG for companies to preserve, “under penalty of liability”all physical and electronic correspondence related to the audits carried out in the 10 ten years in the company.
The magistrate of the TJ-SP (São Paulo Court of Justice) gave Americanas 48 hours to spontaneously grant Kroll access to the documents “in compliance with the principles of good faith, procedural collaboration and the public interest in the transparency of the impartial investigation and preservation of evidence for future purposes, whether for clarification and satisfaction of creditors, investors and suppliers or for possible repair of damages”.
UNDERSTAND
Americanas released a statement to the market on January 11 informing inconsistencies in accounting entries of approximately R$ 20 billion. Executive Sergio Rial resigned as CEO of the company, as well as André Covre, director of Investor Relations.
Two days later, the TJ-RJ (Court of Justice of Rio de Janeiro) granted Americanas a precautionary measure, at the company’s request, after the company declared the amount of BRL 40 billion in debt. The decision establishes a period of 30 days for filing a request for judicial recovery.
On January 19, the court approved Americanas’ judicial reorganization.
Despite having recovered part of the market value that was lost on January 12, as soon as the case came to light, Americanas accumulated a devaluation of R$ 7.98 billion.
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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