* Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), has filed charges against two former CEOs of the Brazilian retail giant Lojas Americanas, which filed for bankruptcy in January after revealing that it owed creditors R$41.23bn (US$8.36bn). According to local media, the CVM has accused two of the company’s former CEOs, Sergio Rial and his successor João Guerra Duarte Neto, of breaching Brazilian corporation law, which requires secrecy on information that has not yet been disclosed for market knowledge and could significantly influence investors’ decisions to buy or sell company securities. This relates to “inconsistencies” in their disclosure of accounting irregularities amounting to around R$20bn. If convicted, they face fines or a ban on holding company management positions for up to 20 years, according to the same media reports.
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LatinNews Daily - 06 June 2023
In brief: Charges brought against former CEOs of Brazil’s Americanas
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