Americanas emails, computers seized amid fraud suspicions

A São Paulo business court accepted Bradesco’s request and authorized a forensic audit of Americanas. The bank wants to investigate whether there was fraud in the management and presentation of the retail giant’s accounts, after the company filed for bankruptcy protection last week. Americanas may appeal the decision.

EY has been appointed to assist the investigators, led by Patrícia Punder.

They will be able to seize computers and access emails of members of the board of directors, audit committee, and general employees who have worked at the company in the last ten years.

According to financial newspaper Valor, Judge Andrea Galhardo Palma justified the decision by saying that although the company had formed an independent investigation committee, “the risks of destruction or altering of documentary evidence are not unlikely” given the “possibility of individual liability in various spheres (criminal, administrative, civil) of the agents involved in the alleged fraud.”

The judge also reiterated that the arbitration court could decide on the issue, which would not be within the jurisdiction of the Rio de Janeiro business court where bankruptcy protection proceedings are taking place.

Banks Bradesco and Itaú are seeking ways to disrupt the bankruptcy protection of Americanas and to hold the reference shareholders personally responsible.

After days of silence, the group — Brazil’s three richest men, Jorge Paulo Lemann, Marcel Telles, and Carlos Alberto Sicupira — denied any knowledge of the “accounting inconsistencies” in the company’s books that led to the current crisis. If the expert examination finds anything, the principal shareholders may be called to testify.

Banks Safra and Santander have also filed requests similar to Bradesco’s and are awaiting a court decision.