Facing multiple investigations after an accounting scandal and filing for bankruptcy protection, giant retailer Americanas has removed its entire executive board. In a note to the market, newly-appointed CFO and investor relations director Camille Loyo Faria said the move was not a rebuke of their leadership of the company.
Why it matters. Embroiled in the biggest accounting scandal in Brazilian history, Americanas still needs to instill some confidence in itself as it tries to negotiate with its more than 8,000 creditors.
Context. The troubled retailer reported “accounting inconsistencies” of roughly BRL 20 billion on January 11. A week later, it filed for bankruptcy protection in both Brazil and the U.S.
Brazilian brewer Ambev was accused of owing billions in taxes for allegedly distorting tax incentives offered to the soft drink sector in the Manaus Duty-Free Zone.
Why it matters. Ambev’s top shareholders are Brazil’s three richest men (Carlos Alberto Sicupira, Jorge Paulo Lemann, and Marcel Telles) — who also happen to be the reference shareholders of Americanas.
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