Americanas CEO Gutierrez

Miguel Gutierrez, the former CEO of Americanas, a Brazilian retail giant, has been arrested in Madrid at the request of Brazilian authorities due to his alleged involvement in a $4.5 billion accounting fraud that led the firm to file for bankruptcy in 2023. Gutierrez, who denies any knowledge or participation in the fraud, is facing extradition proceedings as he holds dual Brazilian and Spanish citizenship, making the process complex. The case involves accusations of accounting and marketing fraud, market manipulation, and use of privileged information, with multiple former executives cooperating with authorities, marking one of Brazil's significant corporate scandals.