Rial says that "speculations" or "distinct theories" about Americanas are "frivolous."

SAO PAULO (Reuters) - Former Americanas CEO Sergio Rial, who officially held the position for nine days, stated on social media this Tuesday that his departure from the company on the same day as the revelation of accounting problems amounting to 20 billion reais occurred within a framework of transparency and that "any speculations or theories to the contrary are reckless."

Rial's departure last week from the company that had nominated him last August to replace Miguel Gutierrez—who had been at the helm of Americanas for about two decades—further fueled one of the biggest accounting scandals in the country's history, forcing the company to seek legal recourse to reach an agreement with creditors or face bankruptcy proceedings.

In his LinkedIn post, Rial, former CEO of Santander Brazil, stated: "I would never compromise my biography."

Explaining the brief period he was officially in charge of Americanas, Rial said that, in conversations with company executives as soon as he took over, information and doubts were shared. "And with the natural in-depth analysis to understand them and provide guidance together with the new financial vice-president, Andre Covre, we arrived at the relevant fact statement with transparency and reliability!", he wrote.

He is referring to the significant event last Wednesday in which Covre also resigned.

Among many comments congratulating the executive for his stance and the text, some users on the network criticized the way the resignation and the announcement of the 20 billion reais accounting problems in one of the largest retail companies in Latin America were made to the market, and whether there wasn't a less surprising way to inform the market.

Since the scandal broke, Americanas' shares have fallen by 83,83% as of Monday's close.

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