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The number of lawsuits opened at the CVM against Americanas reaches 5

Based on a complaint sent by the Brazilian Association of Investors (Abradin), the Securities and Exchange Commission (CVM) opened an administrative process to investigate the events related to Americanas and the PwC audit, bringing the number of proceedings filed to five.

The process may be forwarded to the Corporate Relations Superintendence (SEP).

As the investigations progress, more procedures can be created and the administrative processes – opened in different superintendencies of the regulator – can be converted into “sanctioning processes”. They can also turn into administrative inquiries.

“We filed a complaint with the CVM asking them to investigate the information related to the accounting hole, so that based on the data collected, we can make a more concrete complaint. We haven’t taken action yet, as it would be adventurous and hasty”, says economist Aurélio Valporto, president of the association, which is headquartered in Rio.

According to Valporto, the association has auditors working in parallel with official investigations

“We are using our audit, with our technicians, to arrive at our conclusions”, he said, to complete: “There is evidence that there was cash embezzlement, not just accounting errors. These would serve to cover up those. “We’ve already found serious evidence of this type of practice.”

For Valporto, there is no doubt that there was an error in the PwC audit, although it is not clear whether there was malice.

“No one knows what is going on. What we do know is that there is a fraud. Fraud increased from R$20 billion to R$40 billion. We don’t know how it went. We need more details to more correctly point out guilt and eventually intent.”

The most recent process was opened by the SEP to evaluate the disclosure of news, material facts and announcements.

One of the processes is under the responsibility of the Superintendence of Relations with the Market and Intermediaries (SMI), which analyzes, among others, topics related to privileged information and market manipulation.

The other processes verify compliance with the disclosure rules by the company and the company’s financial disclosures.

Source: CNN Brasil

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