Brazil Regulator Acquits Former Americanas CEO Rial: Valor

Brazilian markets regulator CVM has acquitted the former CEO of retailer Americanas Sergio Rial of charges that he failed to comply with rules to disclose relevant information when announcing an accounting scandal that led the firm to bankruptcy protection, local newspaper Valor Economico reported.

• Rial was accused of disclosing relevant information that was not yet released publicly by the company on a broadcast on Jan. 12, 2023
  • Rial unveiled the accounting inconsistencies and resigned from his position a day earlier
• Joao Guerra, who at the time was Americanas’ interim Investors Relations Officer, was ordered to pay a fine of ...