Former CEO of Americanas is released 1 day after being arrested in Madrid

Former Americanas CEO Miguel Gutierrez was released this Saturday (June 29, 2024) by Spanish authorities. The executive had been taken on the morning of Friday (June 28), in Madrid, capital of Spain. He was the target of Disclosure operationlaunched on Thursday (27 June) by the PF (Federal Police).

The company’s former executives are being investigated by market manipulation and insider trading. His actions would have caused harm to shareholders, especially minority shareholders.

In note (read below)Gutierrez’s defense stated that the executive is at his home in Madrid, “at the same address communicated since 2023 to the Spanish and Brazilian authorities, where it has always been available to the various bodies interested in the ongoing investigations”.

According to the statement, the former CEO was “spontaneously” provide statements to the police and jurisdictional authorities and that, now, he will be able to exercise his defense in relation to the information “liars” obtained through plea bargaining.

“The defense also reiterates that Miguel has never participated in or been aware of any fraud and that he has been collaborating with the authorities, providing the necessary clarifications in the appropriate forums, once again expressing his absolute confidence in the Brazilian and international authorities”these.

UNDERSTAND THE CASE

Operation Disclosure sought out former Americanas directors for frauds worth R$25.3 billion. In usethe PF stated that 2 preventive arrest warrants were issued against former CEOs João Guerra Duarte Neto and Miguel Gutierrez.

Investigations progressed after the plea bargains of former directors of Lojas Americanas Marcelo da Silva Nunes and Flávia Pereira Carneiro Mota. The statements provided the basis for the operation this Thursday (June 27), authorized by the 10th Federal Criminal Court of Rio de Janeiro.

Read the full note from Miguel Gutierrez’s defense:

“Miguel Gutierrez’s defense informs that the executive is at his residence in Madrid, Spain, at the same address communicated since 2023 to the Spanish and Brazilian authorities, where he has always been available to the various bodies interested in the ongoing investigations.

“On yesterday (28/06), the executive spontaneously appeared before the police and jurisdictional authorities in order to provide the requested clarifications.

“With access to the records, Miguel will now be able to exercise his defense against the allegations arising from false reports made against him.

“The defense also reiterates that Miguel 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, once again expressing his absolute confidence in the Brazilian and international authorities.”