TRF-2 suspends R$ 54 billion asset freeze in Americanas case

The TRF-2 Regional Federal Court in Rio de Janeiro has suspended a R$ 54 billion asset freeze targeting key figures associated with the retailer Americanas. The decision reverses an earlier order by Judge Giovana Teixeira Brantes Calmon, which had impacted major shareholders and board members, including Carlos Alberto Veiga Sicupira, Paulo Lemann, and Eduardo Saggioro.

The freeze was part of the June phase of ‘Operation Disclosure’. While the court suspended the asset freeze, search and seizure warrants against the individuals remain in place. The case has highlighted a legal disagreement regarding the level of involvement of major shareholders.

Judge Calmon previously argued that the controlling shareholders were actively involved in the company’s daily operations through the investment holding LTS Investments. This contradicted the position of the Federal Public Ministry, which suggested the board and major shareholders had been misled by the former management. LTS Investments has denied the allegations, stating that the assumption of shareholder knowledge regarding the fraud lacks factual basis.