Monday, April 29, 2024

Batista brothers back on JBS board

 

Wesley and Joesley Batista were elected to two-year terms on the board of directors for JBS S.A. of Brazil, the world’s largest meat-packing empire, on Friday.


They were hit with a fine of $2.1 billion in 2017 for bribing hundreds of politicians and civil servants to obtain loans that enabled them to buy major meat-packing companies, including in the United States and Canada.


The Batistas were also elected to the board of Pilgrim’s Pride In February, one of the largest meat-packing companies in the United States.


In January, a supreme court justice in Brazil suspended the $2.1 billion fine imposed on J&F Investimentos, Brazil's largest business group with ownership stakes in JBS. The Batista brothers are controlling shareholders of J&F.


J&F initially agreed to pay the fine in 2017 as part of a leniency agreement related to its involvement in corruption scandals. The Batista brothers confessed to operating a political bribery ring in a plea bargain deal.