New fraud charges for JBS in Brazil
Brazilian federal prosecutors have charged JBS S.A. and its holding firm J&F Investmentos, along with 14 other individuals, for alleged fraud in the approval of investments and loans by national development bank BNDES issued to the beef processor between 2007 and 2011. The Brazilian Federal Prosecutor's office is demanding payment of $5 billion in damage compensation and fines for the alleged irregularities.
Brothers Joesley, Wesley and Junior Batista are accused of paying "substantial bribes to senior government officials to co-opt the BNDES president and part of his staff, in order to have access to larger-than-necessary loans'. With the support of the bank, JBS has consolidated its position in the global market as the world's largest beef processor.
In a statement given to Meating Place magazine, the company said that it hadn't been officially notified of the charges. The company added that all operations involving BNDESPar investment in the company occurred at market value and followed the Brazilian capital market's legislation.
“JBS is absolutely convinced that all business with BNDESPar was done with total transparency, seriousness and fairness,” the company said.
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