Brazil Launching Four New Probes Into JBS

DanIndustry News Release

probesBrazil’s securities regulator announced it’s launching four new probes into meatpacker JBS and other companies also controlled by J & F Investments. The probes are looking into suspicious trades made just before markets were rattled by the news of a plea deal by the company’s top executives. The investigation is looking into signs of “possible insider trading” of foreign exchange futures, derivatives, and JBS stock, all ordered by JBS and other companies. According to plea-bargain testimony, the controlling shareholders in JBS say Brazil President Michel Temer (Muh-shel’ Tuh-Mehr’) received approximately $4.6 million dollars in bribes from the world’s largest meat processor. Temer refused to resign last week. The Brazilian real fell 8 percent last week against the U.S. dollar. A report last week says the controlling shareholders in JBS bought over $1 billion in U.S. dollar contracts in the local market hours before news of the plea deal broke.

From the National Association of Farm Broadcasting news service.