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Corporate Governance: Cleaning House

In early 2023, the disclosure of a major account­ing scandal brought Brazil’s capital markets to its knees. A BRL20 billion (then $3.9 billion) hole found in the books of Americanas, a tra­ditional retailer, caused banks to close their credit spigots, slammed the Ibovespa stock index and, for a couple of months, turned investors away from Brazilian securities.

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