{"id":4585,"date":"2026-02-13T10:45:40","date_gmt":"2026-02-13T13:45:40","guid":{"rendered":"https:\/\/abracicon.org\/abracicon_saber\/?p=4585"},"modified":"2026-04-23T17:24:26","modified_gmt":"2026-04-23T20:24:26","slug":"da-expansao-a-recuperacao-judicial-analise-da-fraude-bilionaria-na-americanas-s-a","status":"publish","type":"post","link":"https:\/\/abracicon.org\/abracicon_saber\/da-expansao-a-recuperacao-judicial-analise-da-fraude-bilionaria-na-americanas-s-a\/","title":{"rendered":"Da expans\u00e3o \u00e0 recupera\u00e7\u00e3o judicial: an\u00e1lise da fraude bilion\u00e1ria na Americanas S.A."},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4585\" class=\"elementor elementor-4585\" data-elementor-settings=\"{&quot;ha_cmc_init_switcher&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4c8a9f7 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"4c8a9f7\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d87a425\" data-id=\"d87a425\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-87d9d82 elementor-widget elementor-widget-image\" data-id=\"87d9d82\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"239\" src=\"https:\/\/abracicon.org\/abracicon_saber\/wp-content\/uploads\/2026\/02\/Cabecalho-em-Portugues-Ed-54-Abracicon-Saber-1024x239.jpg\" class=\"attachment-large size-large wp-image-4562\" alt=\"\" srcset=\"https:\/\/abracicon.org\/abracicon_saber\/wp-content\/uploads\/2026\/02\/Cabecalho-em-Portugues-Ed-54-Abracicon-Saber-1024x239.jpg 1024w, https:\/\/abracicon.org\/abracicon_saber\/wp-content\/uploads\/2026\/02\/Cabecalho-em-Portugues-Ed-54-Abracicon-Saber-300x70.jpg 300w, https:\/\/abracicon.org\/abracicon_saber\/wp-content\/uploads\/2026\/02\/Cabecalho-em-Portugues-Ed-54-Abracicon-Saber-768x179.jpg 768w, https:\/\/abracicon.org\/abracicon_saber\/wp-content\/uploads\/2026\/02\/Cabecalho-em-Portugues-Ed-54-Abracicon-Saber.jpg 1080w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fbce82f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fbce82f\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5f06cd1\" data-id=\"5f06cd1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2bf11db elementor-widget elementor-widget-text-editor\" data-id=\"2bf11db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"183\" data-end=\"200\"><b>RESUMO\u00a0<\/b><\/p><p data-start=\"183\" data-end=\"200\">O estudo tem como objetivo analisar como o risco sacado foi evidenciado nas demonstra\u00e7\u00f5es financeiras da Americanas S.A., identificando irregularidades cont\u00e1beis e seus impactos na estrutura econ\u00f4mico-financeira da companhia.\u00a0<\/p><p data-start=\"183\" data-end=\"200\">A pesquisa se justifica pela relev\u00e2ncia do caso, que evidenciou fragilidades nos controles internos e externos, afetando a credibilidade do mercado e a confian\u00e7a dos investidores.\u00a0<\/p><p data-start=\"183\" data-end=\"200\">Trata-se de uma pesquisa qualitativa, descritiva e documental, fundamentada na an\u00e1lise das demonstra\u00e7\u00f5es financeiras e notas explicativas dos exerc\u00edcios de 2022 e 2023.\u00a0<\/p><p data-start=\"183\" data-end=\"200\">Foram utilizados documentos oficiais da companhia, como o Relat\u00f3rio da Administra\u00e7\u00e3o, as Demonstra\u00e7\u00f5es Financeiras Padronizadas e as Notas Explicativas, al\u00e9m de informa\u00e7\u00f5es disponibilizadas pela CVM e literatura acad\u00eamica sobre risco sacado, governan\u00e7a e transpar\u00eancia.\u00a0<\/p><p data-start=\"183\" data-end=\"200\">O tratamento dos dados envolveu an\u00e1lise documental e comparativa, incluindo elabora\u00e7\u00e3o de gr\u00e1ficos e c\u00e1lculo da composi\u00e7\u00e3o do endividamento bruto em 2023.\u00a0<\/p><p data-start=\"183\" data-end=\"200\">Os resultados indicam que a Americanas utilizou pr\u00e1ticas irregulares para ocultar d\u00edvidas, especialmente por meio do risco sacado, distorcendo passivos e superestimando o patrim\u00f4nio l\u00edquido.\u00a0<\/p><p data-start=\"183\" data-end=\"200\">A reapresenta\u00e7\u00e3o das demonstra\u00e7\u00f5es evidenciou patrim\u00f4nio l\u00edquido negativo e elevado endividamento, revelando falhas nos controles e viola\u00e7\u00e3o de princ\u00edpios cont\u00e1beis.\u00a0<\/p><p data-start=\"183\" data-end=\"200\"><b>Palavras-chave: <\/b>Risco sacado. Controle interno. Governan\u00e7a.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ad76cea elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ad76cea\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ec41cd2\" data-id=\"ec41cd2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1a1b82b elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1a1b82b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-50fcdaa elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"50fcdaa\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-656cbf9\" data-id=\"656cbf9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6868255 elementor-widget elementor-widget-text-editor\" data-id=\"6868255\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Artigo na \u00edntegra<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8607c3b elementor-widget elementor-widget-html\" data-id=\"8607c3b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe src=\"https:\/\/abracicon.org\/abracicon_saber\/wp-content\/uploads\/2026\/04\/Da-expansao-a-recuperacao-judicial-analise-da-fraude-bilionaria-na-Americanas-S.A.pdf\" width=\"100%\" height=\"850px\" style=\"border: none;\"><\/iframe>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>RESUMO\u00a0 O estudo tem como objetivo analisar como o risco sacado foi evidenciado nas demonstra\u00e7\u00f5es financeiras da Americanas S.A., identificando irregularidades cont\u00e1beis e seus impactos na estrutura econ\u00f4mico-financeira da companhia.\u00a0 A pesquisa se justifica pela relev\u00e2ncia do caso, que evidenciou fragilidades nos controles internos e externos, afetando a credibilidade do mercado e a confian\u00e7a dos [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4584,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[63],"taxonomy\/academias":[92],"taxonomy\/autores":[],"taxonomy\/edicoes-revista":[242],"class_list":["post-4585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-edicao-54","tag-artigo-cientifico","academias-nacional","edicoes-revista-edicao-54"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6.1 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Da expans\u00e3o \u00e0 recupera\u00e7\u00e3o judicial: an\u00e1lise da fraude bilion\u00e1ria na Americanas S.A. - Abracicon Saber<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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