Wesley Batista will reassume his position as chief executive of JBS, the world’s largest meat processor, just days after he was suspended from the position by a Brazilian court. Batista, with his brother Joesley, who is chairman of JBS, were suspended from their positions in the company after they were both named in a probe by Brazilian police into alleged fraud at some of Brazil’s largest pension funds.
Batista has been allowed resume his role after striking a deal with prosecutors for financial guarantees of more than $450m. Despite floating on the stock market in 2007, the Batista family remains the controlling interest behind JBS with a near 30% share in the company.
The allegations have been damaging to the company, with JBS’s share price falling by as much as 17% after the Batista suspension, although they have since recovered somewhat.
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This investigation comes at a particularly sensitive time for JBS, which announced a corporate restructuring in May with plans to list its shares in New York and move its international headquarters to Dublin.
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Wesley Batista will reassume his position as chief executive of JBS, the world’s largest meat processor, just days after he was suspended from the position by a Brazilian court. Batista, with his brother Joesley, who is chairman of JBS, were suspended from their positions in the company after they were both named in a probe by Brazilian police into alleged fraud at some of Brazil’s largest pension funds.
Batista has been allowed resume his role after striking a deal with prosecutors for financial guarantees of more than $450m. Despite floating on the stock market in 2007, the Batista family remains the controlling interest behind JBS with a near 30% share in the company.
The allegations have been damaging to the company, with JBS’s share price falling by as much as 17% after the Batista suspension, although they have since recovered somewhat.
This investigation comes at a particularly sensitive time for JBS, which announced a corporate restructuring in May with plans to list its shares in New York and move its international headquarters to Dublin.
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