23 June, 2005

Brazil: Schincariol said it might close down after managers detained

Brazil's second largest beer maker, Schincariol (Primo Schincariol Industria de Cervejas e Refrigerantes SA), said in a statement on Monday, June 20, that it may have to close down after its managers and owners were detained last week, accused of being involved in a tax evasion scheme, AFX News communicated. “The company cannot be managed any more and is unable to honour its commitments with suppliers, the tax authorities and its own staff,” Schincariol revealed.

The Schincariol group is reportedly accused of evading tax payments of more than 620 million reals each year. On June 15 media said that executives of Schincariol brewery have been arrested by Brazil's Federal Police on charges of tax evasion and corruption. Police detained 70 people accused of participating in a tax evasion scheme that defrauded authorities of 1 billion reais ($583.22 million) over the last five years.

Schincariol is the main competitor to Companhia de Bebidas das Americas (AmBev), InBev's Brazilian unit.

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