By  on January 17, 2019

Brazilian luxury retailer Victor Hugo has seen its assets blocked after authorities claimed it owes 300 million reals, or $80.2 million at current exchange, in back taxes and accused it of manipulating offshore accounts in Brazil and Uruguay.

Judge Livia Maria de Mello of Rio de Janerio’s 8th Federal Fiscal Execution Court ordered that the 70-store chain’s revenues be seized and rerouted to a government account to satisfy the tax debt. This specifically includes 50 percent of seven customer payments and 30 percent of credit card payments processed by Cielo, Redecard and American Express.

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