How the $3.9bn Americanas scandal has shaken corporate Brazil

Mysterious financial hole at heart of retailer has pitted banks against billionaires

Bryan Harris in São Paulo — YESTERDAY

Whit dull fluorescent lighting and hodgepodge displays of confectionery, personal care products and cheap electronics, Americanas stores are a staple of the Brazilian high street that rarely elicit much excitement.

Yet since last month a multibillion-dollar accounting scandal at the century-old retailer has gripped corporate Brazil, ensnaring some of the nation’s richest men and sparking bitter recriminations and accusations of fraud.

“For me, it is clear there was fraud,” said Daniel Gerber, a lawyer representing 20 minority shareholders in Americanas, which in January filed for bankruptcy protection after its cash pile evaporated. The Rio de Janeiro-headquartered company declared debts of R$41bn ($8bn).