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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

Powerful Brazilian lawmaker urges Americanas accounting inquiry

Brazil's Lower House Speaker Arthur Lira attends a session at the Chamber of Deputies to vote o... Brazil's Lower House Speaker Arthur Lira attends a session at the Chamber of Deputies to vote on a constitutional amendment that increases the government spending ceiling in Brasilia, Brazil December 20, 2022. REUTERS/Adriano Machado/File Photo
Brazil's Lower House Speaker Arthur Lira attends a session at the Chamber of Deputies to vote o... Brazil's Lower House Speaker Arthur Lira attends a session at the Chamber of Deputies to vote on a constitutional amendment that increases the government spending ceiling in Brasilia, Brazil December 20, 2022. REUTERS/Adriano Machado/File Photo

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On Wednesday, Brazil’s lower house leader approved a committee to probe Americanas (AMER3.SA), the retailer embroiled in a roughly $4 billion accounting scandal.

The lower house said on its website that Arthur Lira approved the CPI committee, consisting of 27 federal parliamentarians selected by party officials.

Americans did not immediately comment.

The parliamentary leader’s decision comes months after accounting irregularities caused the firm’s insolvency.

America agreed with several creditors earlier this month to temporarily stop legal challenges and focus on restructuring negotiations.

The congressional investigation joins previous Brazilian political inquiries on the subject.

At a recent Senate hearing, Americanas’ former CEO Sergio Rial discussed the retailer’s financial collapse. Isaac Ferreira, Febraban’s president and CEO Leonardo Coelho Pereira, also attended.

 


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