Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Americanas' billionaire shareholders say they were unaware of accounting problems

Published 01/22/2023, 11:54 PM
Updated 01/23/2023, 02:02 PM
© Reuters. FILE PHOTO: People walk in front of a Lojas Americanas store in Brasilia, Brazil January 12, 2023. REUTERS/Ueslei Marcelino

By Tatiana Bautzer

SAO PAULO (Reuters) - Americanas SA three largest shareholders, the billionaire founders of 3G Capital, said on Sunday they had not known of $4 billion in accounting 'inconsistencies' at the Brazilian retailer.

In their first official statement since Americanas filed for bankruptcy this month, Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles said they were "sorry for investor and creditor losses".

"We didn't know of and would never allow any accounting manipulation in the company", the statement said. It said Americanas had been audited by PwC and that the retailer's "banks and auditors never reported any problems".

Americanas was granted bankruptcy protection by a Rio de Janeiro court on Thursday. Earlier this month, Chief Executive Sergio Rial resigned, less than two weeks after taking the job, citing the discovery of "accounting inconsistencies" totaling 20 billion reais.

The billionaires said in the statement they wanted to "work on the company's recovery so that it is as fast as possible" but did not mention specific measures.

Creditors have called on the three to provide a capital injection for the retailer, which has 1,700 stores in Brazil.

An independent committee appointed by Americanas will investigate whether there was any "asymmetry" in conversations between auditors and banks, the statement said.

Securities industry regulator CVM has also launched probes into Americanas, which has seen its stock lose more than 90% of its value since the news of the accounting problems emerged.

© Reuters. FILE PHOTO: People walk in front of a Lojas Americanas store in Brasilia, Brazil January 12, 2023. REUTERS/Ueslei Marcelino

Lemann, Sicupira and Telles, who together own roughly 30% of Americanas' stock, are best known for founding private equity firm 3G Capital, which has controlling stakes in companies such as ABInbev and Kraft Heinz (NASDAQ:KHC) Co. 3G Capital itself has no stake in Americanas.

($1 = 5.2074 reais)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.