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JBS strikes deal with federal prosecutors

JBS S.A. announces its holding company, J&F Participações, agrees to pay a R$10.3 billion ($3.18 billion U.S.) settlement for its role in Brazilian’s largest meat scandal.

This leniency agreement includes the payment of R$10.3 billion over 25 years payable solely by J&F and as it relates to JBS includes Federal Police investigations known as Bullish and Weak Flesh.

Federal investigators allege JBS bribed Brazil’s former and current presidents and meat inspectors along with questionable loans made to the company by the National Economic and Social Development Bank.

Joesley and Wesley Batista, JBS former owners, entered into a plea bargain deal last week and resigned from their positions from the JBS board of directors.  The Board of Directors unanimously elected Tarek Farahat as Joesley Batista’s replacement as chairman of the board.

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