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,...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!