JBS's Batista Brothers Charged with Insider Trading by Brazilian Prosecutors

JBS's Batista Brothers Charged with Insider Trading by Brazilian Prosecutors

Prosecutors in Brazil have charged Wesley and Joesley Batista, former board members and controlling shareholders of JBS, with insider trading and market manipulation.

On Oct. 10, the Batista brothers, owners of the world’s largest meat packer, were formally charged for currency and stock trades they made in advance of a plea deal on May 17.

Prosecutors say the transactions occurred between March 31 and May 17. The brothers were entering a plea deal with federal prosecutors after Wesley and Joesley admitted to bribing 1,900 politicians.

The Batistas are believed to have profited 100 million reais ($32 million) from foreign currency trades according to prosecutors. Another 138 million reais ($44 million) was likely saved by selling JBS stock prior to its 9.7 percent fall on May 18.

Wesley and Joesley’s involvement in the bribery scheme goes all the way to the top of Brazilian politics with President Michel Temer alleged endorsement of bribes.

J&F Investimentos SA, holding company managing the Batista family assets, is also being investigated for violating the terms of a leniency deal. The holding company was fined 10.3 billion reais ($3.2 billion) in May for its involvement in the bribery scandal. The Batista family owns a 42% stake in JBS.

Tags

 

Latest News

Biden Administration Restores Wildlife Protections
Biden Administration Restores Wildlife Protections

The U.S. Fish and Wildlife Service plans to reinstate rules protecting endangered plants and animals, action that would reverse changes made during the Trump Administration that weakened the Endangered Species Act.

Across Breed EPD Adjustment Factors
Across Breed EPD Adjustment Factors

EPDs from multiple breeds can be compared by adding/subtracting the appropriate adjustment factors to the EPDs resulting from the most recent genetic evaluations for each of 18 breeds.

APHIS Now Thinks Wild Birds Are to Blame for Highly Pathogenic Avian Influenza's Arrival on Four U.S. Dairies
APHIS Now Thinks Wild Birds Are to Blame for Highly Pathogenic Avian Influenza's Arrival on Four U.S. Dairies

The livestock industry continues to grapple with the first confirmed cases of HPAI in cattle, while federal and state agencies continue to assure consumers there's no concern about the safety of the U.S. milk supply.

Skills Survey Reveals U.S. Agriculture & Food Industry Workforce Needs and Gaps
Skills Survey Reveals U.S. Agriculture & Food Industry Workforce Needs and Gaps

U.S. employers report challenges in finding suitable job candidates with work-ready skills to fill open roles in ag. The AgCareers.com U.S. Skills Survey offers insights, data and trends to address skill development.

USDA Authorizes CRP Graze and Hay Donations to Wildfire Victims
USDA Authorizes CRP Graze and Hay Donations to Wildfire Victims

Conservation Reserve Program (CRP) participants can donate emergency grazing authority to ranchers in Nebraska, Oklahoma and Texas impacted by recent wildfires.

New Guide Helps Producers Maximize Values of Cull Cows
New Guide Helps Producers Maximize Values of Cull Cows

A new resource developed by the National Cattlemen’s Beef Association and CattleFax helps cattle producers maximize profitability from their culling decisions.