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Santos Was Responsible for Finding Fraud, Meirelles Tells Estado

Brazilian media baron Silvio Santos, who controls Banco Panamericano SA, was ultimately responsible for spotting accounting irregularities at his lender, and not Brazil’s central bank, the monetary authority’s President Henrique Meirelles told O Estado de S. Paulo.

Panamericano’s board of directors and internal auditors were second in the “line of direct responsibility,” followed by external auditors, Meirelles said in an interview with the newspaper. He added that the central bank’s supervision doesn’t substitute internal controls, according to O Estado.

Criticism that the central bank took too long to uncover problems at Panamericano comes from “misunderstanding” about the role of the regulator, the paper said, citing Meirelles.

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