Assaí named in tax credit investigation

Sendas Distribuidora (Assaí) was cited in an investigation into alleged irregularities regarding state sales tax (ICMS) credit refunds in São Paulo. According to reporting by portal Metrópoles, approximately R$ 800 million in refunds tied to the retailer were processed by the Buttini de Moraes group, which authorities identify as the head of the private arm in the alleged scheme.

The report alleged that private intermediaries paid São Paulo tax inspectors to speed up or improperly approve the release of tax credits. Assaí stated that it legitimately hired Buttini Moraes and BM Tax for contractual fees of around 6%. The retailer emphasized that the ICMS-ST refunds stem from its own operations as a legal right. It added that it made no payments to public officials, did not transfer or sell credits to third parties, and received no cash inflows.

On 4 September 2026, Citi stated that the probe creates short-term risks for the company. However, the bank sees no immediate financial impact justifying adjustments to its financial projections. Citi kept its neutral/high risk rating on Assaí with a price target of R$ 9.50, which implies an expected return of 4% compared to the closing price on 2 September.