Batista brothers charged with insider trading in Brazil
Prosecutors allege that the main shareholders in meat giant JBS sold millions of dollars worth of shares ahead of the corruption scandal that has rocked the company.
In a statement this week, Brazil's Federal Prosecutor's Office said it was pressing insider trading charges against Joesley and Wesley Batista, the main shareholders in the J&F Group controlling JBS. The two brothers are currently under arrest.
In May, J&F agreed a €3bn negotiated fine with the prosecution in exchange for information about bribes paid to a large number of Brazilian politicians including President Michel Temer.
It is now alleged that the Batista brothers used their prior knowledge of this agreement to sell JBS shares in advance of the scandal, avoiding €37m in losses. Prosecutors are also investigating currency transactions involving US$2.8bn, which they allege may be fraudulent.
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JBS is the largest meat processor in the world and has been hit by successive corruption and fraud investigations this year. The company has sold assets including Northern Ireland-based poultry processor Moy Park to deal with the financial impact of the crisis.
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Title: Batista brothers charged with insider trading in Brazil
Prosecutors allege that the main shareholders in meat giant JBS sold millions of dollars worth of shares ahead of the corruption scandal that has rocked the company.
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In a statement this week, Brazil's Federal Prosecutor's Office said it was pressing insider trading charges against Joesley and Wesley Batista, the main shareholders in the J&F Group controlling JBS. The two brothers are currently under arrest.
In May, J&F agreed a €3bn negotiated fine with the prosecution in exchange for information about bribes paid to a large number of Brazilian politicians including President Michel Temer.
It is now alleged that the Batista brothers used their prior knowledge of this agreement to sell JBS shares in advance of the scandal, avoiding €37m in losses. Prosecutors are also investigating currency transactions involving US$2.8bn, which they allege may be fraudulent.
JBS is the largest meat processor in the world and has been hit by successive corruption and fraud investigations this year. The company has sold assets including Northern Ireland-based poultry processor Moy Park to deal with the financial impact of the crisis.
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