Americanas Ex-Director Set to Turn Herself In, O Globo Reports

Leda Alvim, Bloomberg News

Pedestrians walk past an Americanas store in Sao Paulo, Brazil, on Wednesday, Nov. 22, 2023. Americanas, one of Brazils largest brick-and-mortar retailers, said the size of an accounting scandal that sent the firm into bankruptcy was 25.2 billion reais ($5.2 billion) about 5 billion reais more than it previously estimated. Photographer: Maira Erlich/Bloomberg , Bloomberg

(Bloomberg) -- Miguel Gutierrez, the former chief executive officer of Americanas SA, was released by Spanish police in Madrid on Saturday after being detained as part of an investigation over his role in the multi-billion dollar accounting fraud at the Brazilian retailer.

Gutierrez, who holds dual Spanish and Brazilian citizenship, was detained early Friday in Madrid to testify to the police and jurisdictional authorities. He was released Saturday and has returned to his residence in Madrid, his lawyers said.

Gutierrez “appeared spontaneously before the police and jurisdictional authorities in order to provide the requested clarifications,” his lawyers said in a written statement. “Given access to the records, Miguel will now be able to exercise his defense against allegations arising from false statements regarding to him.”

Gutierrez and former director Anna Saicali were targeted with arrest warrants on Thursday and their names were included among so-called red notices with Interpol.

Saicali, who has been in Portugal since mid-June, is expected to turn herself in to Brazilian police on Sunday morning upon her return from Portugal, according to O Globo newspaper.

She must present herself to authorities at Lisbon airport on Saturday night before flying to Rio de Janeiro, the newspaper reported, citing a decision by Judge Marcio Muniz da Silva Carvalho of the 10th Federal Criminal Court of Rio de Janeiro. The former director had presented her return ticket to Brazil to the court as part of a petition to reconsider her preventive detention order, O Globo said.

Saicali didn’t respond to a request for comment via LinkedIn, while her lawyers couldn’t be reached for comment. She will be prohibited from leaving Brazil while investigations are ongoing, though she won’t be arrested, O Globo said, citing a decision by a federal judge.

Multi-year Fraud

The 2023 case involving Americanas is one of Brazil’s biggest corporate scandals ever, with a multi-year fraud affecting some 25.3 billion reais ($4.5 billion). Americanas alleges the previous executive team hid the scheme from investors and the board of directors. The retailer remains in bankruptcy protection after reaching an agreement with creditors to restructure its debt.

In their statement, Gutierrez’s lawyers said the former executive “never participated in or was aware of any fraud and that he has been collaborating with the authorities, providing the necessary clarifications in the appropriate forums.”

Some 15 search and seizure orders were carried out on Thursday seeking to clarify the role of former employees in the crime, according to a police statement. The police are looking into possible accounting and marketing fraud, market manipulation and use of privileged information.

As part of the investigation, a federal court ordered the seizure of assets of the former directors worth more than 500 million reais.

--With assistance from Daniel Cancel and Daniel Carvalho.

(Recasts story to include Miguel Gutierrez’s release, adds comment from Gutierrez’s lawyers.)