May 24, 2018 / 12:48 AM / in a month

Brazil's Hypera appoints committee to investigate after police raid

SAO PAULO, May 23 (Reuters) - Brazilian pharmaceuticals company Hypera SA said on Wednesday that its board had appointed an independent committee to investigate alleged corruption by former executives.

Brazilian police searched the company’s Sao Paulo offices as part of a corruption investigation, although Hypera maintains that the company itself was not the target. Shares in Hypera have fallen 22 percent since the raid.

Three outside executives will serve on the independent committee that will hire a law firm and audit firm to investigate, the company said in an exchange filing.

Hypera in April said that the police investigation was a result of a plea bargain testimony of a former executive, Nelson Jose de Mello.

Domestic newspaper Valor Economico reported last month that Hypera’s chairman and controlling shareholder, Joao Alves de Queiroz Filho, and former Chief Executive Claudio Bergamo, were in talks to reach plea deals. Both have resigned from their corporate roles at the company.

Reporting by Flavia Bohone Writing by Jake Spring; Editing by Lisa Shumaker

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