Americanas' Billionaire shareholders Say They Were Unaware of Accounting Problems

Americanas SA three largest shareholders, the billionaire founders of 3G Capital, said on Sunday they had not known of $4 billion in accounting 'inconsistencies' at the Brazilian retailer, Reuters reported. In their first official statement since Americanas filed for bankruptcy this month, Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles said they were "sorry for investor and creditor losses". "We didn't know of and would never allow any accounting manipulation in the company", the statement said. It said Americanas had been audited by PwC and that the retailer's "banks and auditors never reported any problems". Americanas was granted bankruptcy protection by a Rio de Janeiro court on Thursday. Earlier this month, Chief Executive Sergio Rial resigned, less than two weeks after taking the job, citing the discovery of "accounting inconsistencies" totaling 20 billion reais. Read more.
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