Monday, October 9, 2017

Brazilian court freezes JBS owners’ assets

A Brazilian judge has frozen the assets of brothers Joesley and Wesley Batista and their companies that hold controlling interesting in JBS, the world’s largest meat-packing company.

But defense lawyers say the freeze over about $507 million US of assets is not necessary because, under a plea bargain deal, the brothers and their companies are already paying $538 million.

That payment is part of a total fine of $10.3 billion.

The brothers admitted bribing about 1,800 politicians and bank officials to obtain the loans that enabled them to buy meat-packing companies to become the world’s largest meat packer.

Among their holdings is XL Foods of Alberta.