"Americanas symbolizes toxic capitalism in Brazil," says Fábio Alperowitch.

247 - Financier Fábio Alperowitch, partner at Fama Investimentos, a firm focused on socially responsible investments, explained in an interview with journalist Leonardo Attuch, editor of TV 247, why he cut investments in Americanas long before the recently discovered billion-dollar accounting fraud. "In 2019, we were investors in Americanas and detected several problems, such as high executive turnover, an opaque balance sheet, and a predatory relationship with suppliers. The company also had the largest salary disparity among all Brazilian companies," he says. "There was something clear, and it seemed clear, that the company symbolized toxic capitalism in Brazil," he added.

Alperowitch also said that there is self-deception in the capital market and a perverse incentive for fraud, where many agents profit from operations carried out before the scandals break. Regarding the fraud itself, he pointed to the likely responsibility of shareholders Jorge Paulo Lemann, Carlos Alberto Sicupira, and Marcel Telles. "It's very difficult for one person alone to have managed to hide it. There are people involved, acting on whose orders I don't know. The auditors have responsibility, but they didn't cause the events," he stated. "Those harmed are not only the creditors. They are suppliers, employees, shareholders… if there is impunity, Brazil tends to become a lawless land," he emphasized.

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