Americanas SA’s former Chief Executive Officer Miguel Gutierrez is in Rio de Janeiro and has been talking with attorneys amid the accounting scandal that toppled the Brazilian retailer.
(Bloomberg) — Americanas SA’s former Chief Executive Officer Miguel Gutierrez is in Rio de Janeiro and has been talking with attorneys amid the accounting scandal that toppled the Brazilian retailer.
Gutierrez, a Brazilian, is working with lawyers from the firm Vieira Rezende Advogados, people familiar with the matter said, asking not to be named discussing private information. He hasn’t commented on the scandal since leaving Americanas at the beginning of the year.
Vieira Rezende didn’t reply to messages seeking comment. Reporters who visited Gutierrez’s house were told he was unavailable for comment. Americanas declined to comment.
Days after Gutierrez’s departure, his successor Sergio Rial blew the whistle on what he dubbed “accounting inconsistencies” of 20 billion reais ($3.8 billion) that artificially boosted earnings and reduced reported liabilities by half. Americanas filed for bankruptcy protection on Jan. 19 and has been embroiled in a legal fight with banks, which accuse the company’s managers and its main shareholders of fraud.
Gutierrez’s whereabouts have been the subject of media speculation for weeks, with one report placing him in Spain.
–With assistance from Peter Millard and Andrew Rosati.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.