November 13, 2019 / 3:52 PM / 22 days ago

UPDATE 2-Brazil's Via Varejo probes allegations of accounting irregularities

(Adds company statement, updates share price)

By Gabriela Mello

SAO PAULO, Nov 13 (Reuters) - Brazilian electronics and appliances retailer Via Varejo SA said on Wednesday it is now investigating an anonymous tip it received related to accounting irregularities.

Via Varejo’s board has created an internal committee to look into the allegations, which were received in late September and in early October.

The company said so far no evidence of irregularities has been found, adding no impact is expected in its third-quarter results, to be announced later on Wednesday, though the probe continues.

“Given that so far there has been no confirmation of what was alleged, the company’s preliminarily conclusion from the investigation so far is that there are no material effects on the quarterly information to be released today,” it said in a securities filing.

Shares of Via Varejo reversed some of their earlier losses, trading down 2.7% in early afternoon at 6.90 reais, having fallen almost 10% earlier in the day.

The probe comes five months after the Klein family has taken over the control of Via Varejo from Brazilian supermarkets chain Grupo Pa de Açúcar SA, a subsidiary of France’s Casino Guichard Perrachon SA. (Reporting by Gabriela Mello Editing by Marguerita Choy and Steve Orlofsky)

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