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Brazil reinsurer seek criminal action in accounting case

·1 min read

BRASILIA, Aug 17 (Reuters) - Brazil's largest reinsurer IRB Brasil Resseguros SA said in a securities filing on Monday that it presented Rio de Janeiro prosecutors with a criminal case regarding accounting irregularities that forced it to restate its 2019 financial results.

IRB Brasil has announced plans to sue former executives for damages for their alleged role in the accounting irregularities.

Earlier this year, IRB Brasil admitted to accounting irregularities, which were initially exposed by investment firm Squadra Investments in February.

The restating of its 2019 results to correct the accounting irregularities reduced its net income by 31% to 1.2 billion reais ($220 million).

IRB's shareholders include Brazil's top two largest private-sector lenders Banco Bradesco SA and Itau Unibanco Holding SA.

Its market capitalization is around $1.8 billion. (Reporting by Anthony Boadle; editing by Jason Neely)