Bloomberg Linea – CEO Camille Loyo Faria, announced by Americanas (AMER3) for the position of Chief Financial Officer (CFO) and Investor Relations Officer of the company, is already being investigated by the Brazilian Securities and Exchange Commission (CVM) for failing to provide information to the market in its capacity as CFO of the operator TIM Brasil (TIMS3) and Director of Investor Relations at Oi (OIBR3). Operations closed in December 2022, following an agreement in which the executive agreed to pay the municipality R$1.38 million.
Americana announced this Tuesday afternoon (17) Appointment of the executive branch. She held the position of Chief Financial Officer for the operator TIM Brasil and was Director of Investor Relations at Oi between 2019 and 2021, during the judicial recovery (RJ) process of the telecom company.
According to market professionals, the CEO’s experience in leading the financial district of a large company during RJ’s tenure could be valuable to Americana, which has already indicated to Justice that it will follow this path if it fails to reach an agreement with major creditors for declared debts of about R$40 billion.
the Bloomberg Line Americana and Tim Brazil sought comment on the matter, but had not received a response at the time of this report’s publication. Camille Faria will take over her duties at Americana on February 1, according to a statement from the retailer.
For lawyer Lucas Akel Filgueiras, partner at Akel Advogados who specializes in issues related to the capital market, this type of agreement with CVM is “normal”. he said in an interview with Bloomberg Line.
According to Filgueiras, what is remarkable in the case is the amount paid by the executive branch in the agreement with CVM. “It is not uncommon to respond to this type of process, however, If the agreement includes more than R$1 million, it is due to the nature of the information – although the sums involved in these cases have in fact increased in recent years.
Americana is already the target of a preliminary procedure by the Federal Prosecutor’s Office, which is investigating whether there are signs of Insider trading (Using privileged information to gain advantages in the market). In addition, minority shareholders are already making arrangements to sue and try to ensure that they are compensated for the losses they have incurred as the company’s asset prices fall.
The Risk Verification Mechanism has opened at least three administrative procedures to investigate the behavior of Americana investors and possible violations of applicable legislation, such as inside tradingAtypical business transactions and irregularities in the financial statements.
What the continuous evaluation model indicated
in the case of Oi, Camille Faria was held responsible at the administrative level, at CVM, because the company failed to disclose a material fact It reported that it had received an offer of R$16.5 billion from TIM, Vivo and Claro for its mobile operations.
According to the agreement report, the bidding companies disclosed the material fact on August 27, 2020, but Oi only disclosed the material facts the next day, at 12:16 p.m.
The operation opened at CVM on the same day. CVM’s Corporate Relationship Oversight Board (SEP) sent an official letter to Oi asking why the company disclosed the material fact the day after the presentation’s authors, and during the trading session.
Oi said in the CVM process that it took time to reveal the core truth because it did not receive confirmation of an offer to buy its assets until after the market closed on August 27.
The company said that “it was not possible for the Company to finalize appropriate analyzes and decisions regarding FR content until the opening of the trading session on 07.28.2020, due to the short time elapsed between receipt of the invoice proposal and that moment.”
In the case of TIM Brasil, according to the agreement report, the investor relations department failed to disclose a material fact about a proposed purchase of 51% of the share capital of Telecom Italia – the parent company of the Brazilian overseas operator – by the US private company. KKR stock company.
The show was announced in a press release by the Italian company and covered by Brazilian Vehicles. On November 21, 2021, the website Brazil Journal I reported the situation.
The next day, TIM Brasil shares in B3 opened the trading session up 9.64%, according to a CVM report, which the specialized press relates to the offer to buy.
Autonomy then asked TIM for clarification, which the next day, at 6:55 p.m., issued a statement to the market about the offer to buy.
The operator’s justification was that the offer had nothing to do with TIM Brasil, but CVM refused to explain. Understanding the regulator’s technical field, the company’s delay in reporting to the market was “a source of information asymmetry and harm to a wide range of ordinary investors.”
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