Wednesday, October 4, 2017

JBS shareholders seek compensation

JBS’s minority shareholders say the bribes that the Batista brothers paid 1,800 Brazilian politicians have cost them $318 million, and they want compensation.

They are pressing their claims with the Market Arbitration Chamber at Brazil's stock exchange B3.

The Batistas have admitted the briberies and have struck a deal to pay a fine of $3.3 billion over many years.

More recently they have been jailed on charges they made a profit of about $100 million trading in the stock market in advance of the announcement of the plea-bargain deal.

JBS is the world’s largest meat-packing company and in Canada owns XL Foods of Alberta.