Ambev Named in São Paulo Tax Probe

Ambev was named by Brazilian judicial authorities as a target client in an investigation into fraudulent approvals of state ICMS tax credits. On 3 September 2026, the São Paulo Public Prosecutor's Office conducted an operation executing two preventive arrest warrants and 47 search and seizure warrants across residential, professional, and corporate addresses in São Paulo and Mato Grosso do Sul.

The probe traces back to Operation Ícaro from August 2025 and investigates an alleged criminal scheme to secure fraudulent or expedited tax credit releases at the Capital III Regional Tax Office. The court authorized searches targeting tax consultant José Gianfrancesco Netto, lawyer Carmine Lourenço Del Gaiso Gianfrancesco, and their entities, Gianfrancesco Consultoria Empresarial Ltda. and law firm Gianfrancesco & Mazzo Advogados.

Prosecutors allege that José Gianfrancesco Netto worked directly with then regional tax delegate Paulo Prado to expedite cases. Intercepted conversations allegedly showed him tracking Ambev files step by step, including value updates and invoice stamps. In response, Ambev stated that it complies strictly with all applicable legislation regarding the purchase of tax credits.

Gianfrancesco & Mazzo Advogados denied being targeted by the operation and stated it has never provided services directly or indirectly to Ambev. José Gianfrancesco Netto denied being his brother's partner and maintained that his work was legitimate tax consulting.