JBS: Executives agree to plea bargain
JBS

Executives agree to plea bargain

JBS

BRAZIL, São Paulo. After months of swirling controversy involving executives of meat-processing giant JBS SA, the company issued a statement that seven executives of the company, which includes its majority stakeholder, J&F Investimentos, agreed to a plea bargain with federal prosecutors, including paying a fine of $67.93 mill.

The statement, issued to shareholders and the market in general did not specify which executives were included in the plea agreement, which was made with the Federal Public Prosecutor’s Office and was ratified by the Supreme Court.

The brief statement also did not spell out the specific legal matter the plea bargain addressed, as the company has been ensnared in allegations in recent months ranging from allegations of bribes paid to meat inspectors at some of the company’s plants to questions surrounding the legality of loans allegedly made to JBS by the National Economic and Social Development Bank (BNDES) through its subsidiary BNDESPAR.

In March, the company suspended production at 10 of its plants in Brazil in the midst of an anticorruption investigation by Brazil’s Federal Police. JBS was also one of the companies whose offices were raided by police as part of the food fraud investigation.

 

Source: JBS SA
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