Reported 9 months ago
Former CEO Miguel Gutierrez of Brazilian retail giant Americanas was arrested in Madrid for his alleged involvement in a 25 billion reais ($4.5 billion) fraud scheme. The fraud involved falsifying financial results, inflating cash flow, insider trading, money laundering, and more. The investigation began in 2023 after a cash shortfall was disclosed. Gutierrez denies involvement, and Americanas' board has cooperated with the probe. Brazilian government awaits an extradition request, as Spain may refuse to extradite its nationals.
Source: YAHOO