BRIEF-Brazil's CNova unit finishes internal investigation - GPA

martes 26 de julio de 2016 22:19 GYT
 

SAO PAULO, July 26 (Reuters) -

* Brazil's Companhia Brasileira de Distribuicao, also known as GPA SA, Brazil's largest retailer, said the internal investigation into the group's subsidiary CNova Brasil had finished

* The investigation's findings regarding inflated sales, inconsistencies in reporting stocks and other irregular accounting has already prompted the Brazilian unit of CNova to lower its yearend financial statements stretching back to December 2013

* The administration of GPA recommends that it restate its yearend financial results for the past three years to reflect the adjustments to CNova NV's adjusted statements

* The company said if approved by the board, it could result in a reduction of GPA's net income by 512 million reais as well as a reduction of its net worth of company assets by 304 million reais over the period Related story (Reporting by Reese Ewing)