parent company

JBS Parent Company Paying Brazil to Settle Corruption Investigations

DanDairy & Livestock, Industry News Release

parent companyThe parent company of JBS SA will pay $3.2 billion in a settlement with Brazil over bribery and corruption charges. Meat industry publication Meatingplace reports the fine will be paid over 25 years and is the largest ever in a leniency agreement worldwide. The leniency agreement addresses the involvement of the company in a bribery and corruption scheme with Brazilian politicians, revealed by company executives in a plea bargain deal in April. Only the parent company of JBS, the J&F holding company, will be responsible for paying the fine, with the first payment expected in December. Earlier this year, Brazil indicted 63 people for their role in a corruption scheme within the nation’s Ministry of Agriculture. Suspects in the case were charged with falsifying medical records and certificates, tampering with food products, conspiracy, and corruption. Allegations also included selling spoiled meat and injecting water to sell poultry at higher prices.

From the National Association of Farm Broadcasting News Service.