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Ex Americanas CEO

Exploitation of Lojas Americanas, all came to be known when new CEO and CFO discovered discrepancies in January 2023. Billions of dollars had been misappropriated by shady executives, and there were a number involved in the cover up!

According to Reuters, the former Americanas SA Chief Executive Miguel Gutierrez was arrested on Friday in Madrid as part of a Brazilian Federal Police operation investigating the participation of former directors of the retailer in a billion-dollar fraud. This information comes directly from the Federal Police.

Greed is a nasty word that depicts an unsatisfied person who wants to take advantage of others. I think it prudent to point out that gluttony paves the way to dishonesty, and therefore, if you believe in Karma as I do, then you will most likely pay for your sins. It is better to be content with what you have, and not think that having everything will resolve your life!

According to one of Forbes’s sources, the arrest was made by Spanish police last Thursday. According to the Federal Police (FP) he has been summoned via an arrest warrant because he is considered a fugitive and his name was included in Interpol's wanted list.

Spain's National Police have refused to confirm or deny reports of Gutierrez's detention so far. Gutierrez's defense who has both Brazilian and Spanish nationalities, has not yet commentated on the arrest against his client. 

A FP source who has a direct role in the case said that a request for Gutierrez's extradition to Brazil will now be evaluated.

Another source from the corporation pointed out that extraditing him could be a challenge given the fact that he holds Spanish citizenship. According to the source, it will depend on an analysis of Spain's legislation.

The arrest warrant against Gutierrez had been issued by the 10th Federal Criminal Court of Rio de Janeiro as part of Operation Disclosure, which investigates the participation of former directors of Americanas in the accounting fraud of 25.3 billion reais that led the company to judicial reorganization.

Take care!

Prof. Carl Boniface


Vocabulary builder:

Shady (adj) = dishonest, crooked. “Your partner seems to be a shady character.” Also shaded, cool, dappled, sheltered, out of the sun, in the shade. “The sun was too strong, so she got into a shady area below a tree.”

Greed (n) = greediness, hunger, insatiability, self-indulgence, ravenousness, voracity, gluttony (piggishness/excess), appetite, (ant) moderation

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