BRAZIL: Operational Accident

Panair do Brasil, No. 1 Brazilian airline and Pan American Airways' biggest subsidiary, last week had its worst operational accident in years. One of its accountants was missing, and so was at least $275,000 of company funds.

The accountant was a company veteran (14 years) named Daniel Cardoso Pimenta. Along with a scion of one of Rio's best families, Chief Cashier Nelson de Almeida Cardoso, he was charged with having embezzled the funds through a tricky system of interoffice bookkeeping entries. Just after auditors spotted the shortage in a routine year-end checkup,...

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