BRAZIL, São Paulo. Brazil’s scandal-plagued billionaire Batista brothers who control the world’s largest meatpacker, JBS, have been charged with insider trading. This was reported by the Financial Times.
“The defendants minimised losses through the purchase and sale of shares and profited by buying dollars based on privileged information they had about the plea bargain agreement they had negotiated with the prosecutor general,” the public prosecutors office said in a statement.
The Batista brothers argue the foreign exchange transactions were part of routine business by the company, which is a large trader of other currencies because of its large international meat business. The share trades were also part of routine business, they said.