Brazil's Federal Police investigates Americanas over alleged accounting fraud of US$10.4 billion
Brazil's Federal Police has opened an investigation into the Americanas retail chain over an alleged accounting fraud valued at approximately 54 billion reais.
Brazil's Federal Police investigates Americanas over alleged accounting fraud of US$10.4 billion
Brazil's Federal Police has initiated an investigation into the Americanas retail chain over an alleged accounting fraud valued at approximately 54 billion reais, equivalent to around 10.4 billion US dollars.
Three people with direct knowledge of the investigations confirmed to Reuters that federal agents began this Thursday investigating irregularities detected in the financial statements of the Brazilian retail giant.
The company, one of the main distribution networks in the South American country, has not issued any official statement about the opening of this investigation by the authorities.
The case forms part of the Brazilian government's efforts to combat fraudulent accounting practices in large corporations. The magnitude of the alleged fraud, which exceeds 10 billion dollars, places this investigation among those with the highest economic value in the country's recent history.
Federal investigations seek to determine whether there was deliberate manipulation of the accounts to conceal the true financial situation of the company from investors, shareholders and regulatory bodies.
Source: Google News ES — Crime (es)