JBS Parent Company Pleads Guilty to U.S. FCPA Violations, to Pay $256 Million Fine

NEW YORK (Reuters) - Brazil's J&F Investimentos, parent company of the world's largest meatpacker JBS pleaded guilty to violations of the U.S. Foreign Corruption Practices Act (FCPA) and agreed to pay $256 million in criminal fines, prosecutors said on Monday.

The amount of the bribes paid by J&F officials to high-level government officials exceeded $150 million and the company made $178 million in profit, U.S. prosecutors said in open court.

Lucio Martins, J&F’s director of compliance, pleaded guilty on behalf of the company in a video conference proceeding before U.S. District Judge Margo Brodie in Brooklyn.

Between 2005 and 2017, the company conspired to bribe officials to get the Brazilian government and other entities to arrange financing and equity transactions benefiting J&F, according to a U.S. charging document.

Reporting by Jody Godoy; Editing by Christian Plumb

 

Latest News

On-farm Severe Weather Safety
On-farm Severe Weather Safety

When a solid home, tornado shelter or basement may be miles away, and you’re caught in a severe storm, keep in mind these on-farm severe weather safety tips.

Quantifying the Value of Good Ranch Management
Quantifying the Value of Good Ranch Management

The value of good management has never been higher. Well managed cow-calf operations can concentrate inputs into short time frames focused on critical control points of production.

K-State Meat Animal Evaluation Team Claims National Championship
K-State Meat Animal Evaluation Team Claims National Championship

Kansas State University dominates the national Meat Animal Evaluation contest for the fourth year in a row.

Quantifying the Value of Good Management
Quantifying the Value of Good Management

Historically low current US cowherd inventories and limited evidence of heifer retention indicates the robust markets we currently enjoy should be sustained for at least the next couple of years.

Properly Prepared Beef Remains Safe; Meat Institute Calls For Guidance to Protect Workers at Beef Facilities
Properly Prepared Beef Remains Safe; Meat Institute Calls For Guidance to Protect Workers at Beef Facilities

The Meat Institute said properly prepared beef remains safe to eat and called for USDA and the CDC to provide worker safety guidance specific to beef processors to ensure workers are protected from infection.

 A Message to the Ag Industry about H5N1
A Message to the Ag Industry about H5N1

The livestock industry needs a comprehensive, cohesive plan to address the virus. Producers, their employees and veterinarians need clear answers and support from U.S. agricultural leadership, moving forward.