Former CEO of Brazilian retail big Americanas arrested amid allegations of billions in fraud
The former CEO of Brazilian retail big Americanas, Miguel Gutierrez, was arrested Friday in Madrid, and stands accused of taking part in a 25 billion reais ($4.5 billion) fraud scheme
SAO PAULO — Brazil-Retail-Fraud
The previous CEO of Brazilian retail big Americanas, Miguel Gutierrez, was arrested Friday in Madrid, accused of participating in a 25 billion reais ($4.5 billion) fraud plan.
Brazil’s Federal Law enforcement extra his name to Interpol’s purple see list right after identifying the company falsified money final results to inflate money flow and artificially strengthen the firm’s inventory. Previous administrators dedicated fraud by advancing payments to suppliers through financial loans, participating in sector manipulation, insider buying and selling, legal association and money laundering, according to a statement from investigators.
The probe began in January 2023 following Gutierrez’s successor took around as CEO and soon disclosed a cash shortfall of 20 billion reais ($3.6 billion).
Gutierrez’s lawyer instructed the regional push that his consumer has cooperated with authorities and denies any involvement in the fraud scheme.
Gutierrez, who is also a Spanish citizen, joined Americanas in 1993 and held different positions, gaining the have faith in of stakeholders Carlos Alberto Sicupira, Marcel Telles and Jorge Paulo Lemann — a multi-billionaire and Brazil’s second richest particular person.
Federal prosecutors stated that the firm’s board has cooperated with the investigation by offering information about the fraud scheme.
Brazil’s federal governing administration has yet to acquire an extradition ask for for Gutierrez from the court docket. Brazil signed an extradition treaty with Spain in 1988, stipulating that every region may perhaps refuse to extradite its personal nationals. The Spanish national law enforcement neither verified nor denied the arrest.
On Thursday, the Brazilian Federal Police executed 15 arrest warrants and lookup and seizure orders for other previous Americanas administrators in Rio de Janeiro and seized their property. Lemann, Sicupira and Telles ended up not involved in this police raid.
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The former CEO of Brazilian retail big Americanas, Miguel Gutierrez, was arrested Friday in Madrid, and stands accused of taking part in a 25 billion reais ($4.5 billion) fraud scheme
SAO PAULO — Brazil-Retail-Fraud
The previous CEO of Brazilian retail big Americanas, Miguel Gutierrez, was arrested Friday in Madrid, accused of participating in a 25 billion reais ($4.5 billion) fraud plan.
Brazil’s Federal Law enforcement extra his name to Interpol’s purple see list right after identifying the company falsified money final results to inflate money flow and artificially strengthen the firm’s inventory. Previous administrators dedicated fraud by advancing payments to suppliers through financial loans, participating in sector manipulation, insider buying and selling, legal association and money laundering, according to a statement from investigators.
The probe began in January 2023 following Gutierrez’s successor took around as CEO and soon disclosed a cash shortfall of 20 billion reais ($3.6 billion).
Gutierrez’s lawyer instructed the regional push that his consumer has cooperated with authorities and denies any involvement in the fraud scheme.
Gutierrez, who is also a Spanish citizen, joined Americanas in 1993 and held different positions, gaining the have faith in of stakeholders Carlos Alberto Sicupira, Marcel Telles and Jorge Paulo Lemann — a multi-billionaire and Brazil’s second richest particular person.
Federal prosecutors stated that the firm’s board has cooperated with the investigation by offering information about the fraud scheme.
Brazil’s federal governing administration has yet to acquire an extradition ask for for Gutierrez from the court docket. Brazil signed an extradition treaty with Spain in 1988, stipulating that every region may perhaps refuse to extradite its personal nationals. The Spanish national law enforcement neither verified nor denied the arrest.
On Thursday, the Brazilian Federal Police executed 15 arrest warrants and lookup and seizure orders for other previous Americanas administrators in Rio de Janeiro and seized their property. Lemann, Sicupira and Telles ended up not involved in this police raid.