Former CEO of Lojas Americanas is the target of a PF operation for billion-dollar fraud worth R$25 billion
Two preventive arrest warrants and fifteen search and seizure warrants were executed by agents. During investigations into fraud, debt concealment and falsification of contracts, the former executive decided to avoid interviews and moved to Spain.
Miguel Gutierrez, former CEO of Americanas - Photo Reproduction/ YouTube
The Federal Police (PF) launched a large-scale operation this Thursday morning (27) to investigate an alleged accounting fraud that would have generated a loss of R$25 billion in Lojas Americans, one of the largest retail chains in Brazil. Among the targets of the operation is the company's former CEO, Miguel Gutierrez, who is suspected of having orchestrated a scheme that involved manipulating financial statements and hiding liabilities and Anna Christina Ramos Saicali, one of its directors.
Federal Police agents were also called to execute search and seizure warrants against other former executives of the group. Miguel and Anna Christina are currently outside the country. Both will be added to Interpol's Red Diffusion, which is a list of the most wanted individuals globally.
The Financial Scandal
According to the Federal Police, the fraud adulterated the conglomerate's financial results to appear as a fictitious increase in cash, artificially valuing Americans' shares on the stock exchange. With these manipulated numbers, executives received million-dollar performance bonuses and profited by selling inflated shares in the financial market.. The operation is the result of an investigation that began in January 2023, after the company reported, through a material fact, the existence of "numerous accounting inconsistencies" and an equity deficit initially estimated at R$20 billion. Later, Americans revealed that the debt reached R$43 billion.
Several crimes were identified, including market manipulation, use of privileged information (insider trading), criminal association and money laundering. If convicted, those involved could face sentences of up to 26 years in prison.
Operation "Disclosure"
Named "Disclosure", the PF's action had the collaboration of attorneys from the Federal Public Ministry (MPF) and representatives of the Securities and Exchange Commission (CVM). The current management of the Americans Group also cooperated, providing company information. The expression "Disclosure", used by the Federal Police to name the operation, refers to the provision of information to all those interested in the situation of a company in the capital market. This practice is directly linked to the requirement for transparency on the part of publicly traded companies.
Around 80 federal police officers carried out an operation this Thursday that included two preventive arrest warrants and 15 search and seizure warrants at the homes of the former directors of Americans, located in Rio de Janeiro. Among the targets are Anna Christina Soteto, Carlos Eduardo Padilha, Fabien Picavet, Fabio Abrate, Jean Pierre Ferreira, João Guerra Duarte Neto, José Timotheo de Barros, Luiz Augusto Henriques, Marcio Cruz Meirelles, Maria Christina Do Nascimento, Murilo dos Santos Correa and Raoni Lapagesse Franco.
The PF did not reveal the names of the targets of this Thursday's operation. The investigation had technical support from the Securities and Exchange Commission (CVM). The Federal Court ordered the freezing of assets and values belonging to former directors, totaling more than half a billion reais. The warrants were issued by the 10th Federal Criminal Court of Rio de Janeiro.
The Participation of Miguel Gutierrez and Anna Saicali
Miguel Gutierrez, former CEO of Americans for two decades, became the company's first senior figure to face legal consequences from an ongoing investigation. The police issued search and preventive arrest warrants against Gutierrez, who has Brazilian and Spanish citizenship and is currently on the run. Anna Saicali, former director of the company, also received an arrest order and left Brazil. Gutierrez joined the Americans group in 1993, initially in the financial area, and rose to CEO ten years later. He resigned from his position in December 2022, when Sergio Rial took over and revealed a billion-dollar deficit at the retailer.
In January 2023, an accounting fraud scandal shook Americans and compromised the reputation of its billionaire shareholders. Given the ongoing Brazilian investigations, Gutierrez, born in Rio de Janeiro, chose to move to Spain. An internal investigation identified Gutierrez as the leader of the scheme that led the Brazilian retailer, with 95 years of history, into judicial recovery, resulting in the dismissal of 5,000 employees. A congressional investigation revealed documents from the independent committee hired by Americans, suggesting that Gutierrez and members of his executive team falsified advertising contracts and hid financing in the supply chain, with the aim of reducing the company's debt and increasing profits.
Investigators from the Federal Police, the Public Ministry and the internal committee collaborated in the investigation to uncover the inner workings of the alleged scheme. Two senior executives entered into plea deals and pledged to cooperate with authorities. Gutierrez and former directors of the retailer are accused of participating in the billion-dollar fraud that led the company to file for bankruptcy protection.
The former executive is being investigated for falsifying contracts and hiding debts, but denies the accusations. Americans is currently in the process of restructuring a debt of R$42.5 billion and plans to recover its profitability by 2025, with financial support from 3G Capital billionaires: Jorge Paulo Lemann, Marcel Telles and Carlos Sicupira.
