The Federal Police (PF) launched this Thursday morning (25/6) the second phase of Operation Disclosure, focusing on former executives of Lojas Americanas, members of the controlling group and directors of large private banks in Brazil.
The objective of the police raid is to advance investigations into the accounting irregularities that exposed losses of around R$24 billion at the retailer. This value positions the case as one of the most significant scandals ever recorded in the national financial market.
The investigations indicate that the plot was devised with the aim of hiding the company’s true financial condition, using the falsification of its balance sheets as a method.
Discover the prominent names in the sights of Operation Disclosure
- Those investigated include:
- Carlos Alberto Sicupira, reference shareholder and controller of Americanas.
- Paulo Alberto Lemann, son of businessman Jorge Paulo Lemann, who was a member of the company’s board of directors.
- Sérgio Rial, former president of Santander and former CEO of Americanas.
- Eduardo Saggioro, former member of the retail chain’s board.
- Alexandre Abdo and André Almeida, both executives at Santander.
- Carlos Henrique Villela Pedras, executive at Bradesco.
- Gustavo Balassiano and José Rudge, who are executives at Itaú.
According to the PF, there is evidence that those involved were fully aware of the alleged accounting manipulations carried out for years and the way they were recorded in the company’s financial reports.
In total, nine search and seizure warrants are being executed by federal agents, with actions including personal searches of properties located in Rio de Janeiro and São Paulo. The initiative has the collaboration of the Federal Public Ministry (MPF) and the Securities and Exchange Commission (CVM).
The 10th Federal Criminal Court of Rio de Janeiro issued an order for the seizure of the suspects’ assets and amounts, reaching the limit of R$54 billion. According to information from the PF, this sum represents the projection of the alleged financial scams, as indicated by expert reports, and aims to ensure possible compensation for the damages.
Details of the investigation into accounting manipulations at Americanas
The surveys indicate that the alleged frauds in the accounting records were carried out over an extended period, with the purpose of masking the true economic and financial condition of Americanas.
According to those responsible for the investigation, the fraud made it possible to artificially inflate the company’s financial indexes, disguising its real debt and presenting a distorted image of its financial health to the market.
The investigations are divided into two main focuses. The first addresses “drawn risk”, an operating model where banks advance values to suppliers. The investigation aims to determine whether a portion of these transactions was accounted for in order to illusorily reduce the perception of Americanas’ debt.
The second focus of the investigations is on “cooperative advertising funds” (VPC). According to the Federal Police, there is evidence that part of the amounts recorded under this classification correspond to commercial incentives without a concrete economic basis, which would have helped in the creation of financial statements that did not match the retailer’s reality.
Furthermore, the investigation verifies whether the artificial inflation of financial results brought benefits to company managers, who had variable remuneration linked to the company’s performance, and also to investors who carried out share negotiations during the period of alleged irregularities.
The individuals under investigation are, in theory, suspected of the crimes of market manipulation and criminal association. The Federal Police emphasizes that other crimes may be revealed as the investigations progress.