Brazilian retailer Americanas listed on the São Paulo Stock Exchange in March 2005. In January 2023, the company's CEO of just ten days resigned upon the discovery of “inconsistencies” related to off-balance sheet supplier financing, prompting a share price collapse. In June 2023, the company disclosed that profits were inflated by an estimated BRL25.2bn (US$5.1bn) over several years. This means that instead of reporting modest losses of BRL794m over the past five years, the group was deeply loss-making. The fraud was perpetuated by booking false advertising rebates and overcapitalising expenses. The lack of cash flow was disguised by extending payables via a supply chain financing programme.

Last updated November 2023

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