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Latin America / Industry News & Trends
Jason Morrison,
on September 25, 2017

Brazil high court refuses to release Batistas from jail

Former JBS executives Joesley and Wesley Batista are incarcerated on suspicion of insider trading

From WATTAgNet:

A request to release former JBS executives and brothers Wesley Batista and Joesley Batista from jail has been denied by a Brazil Supreme Court justice.

Both men are in custody after being arrested on suspicion of insider trading. Federal police have formally asked prosecutors to file charges against the brothers, as they allegedly saved as much as BRL138 million (US$44 million) through alleged illegal market dealings in May.

A lower court had earlier denied requests from the Batistas’ defenders to release them.

Joesley, the former chairman of the Brazil-based meat and poultry company, on September 10, turned himself into authorities, while Wesley, now the former CEO, was arrested three days later. Joesley has also been accused of trying to take advantage of prosecutors during plea bargaining procedures.

Amid a corruption scandal involving the brothers that became known in May, Joesley stepped down as chairman of the company. He was succeeded by Tarek Farahat, who had been a JBS board member since 2013 and the company’s global president of marketing and innovation since 2015.

Prior to Wesley’s arrest, there were calls for his removal, but the majority of the members of the board had stated that they did not favor his ouster, and the company posted a material fact on the JBS website that doing so could be damaging to the company’s economic and financial stability. However, after he was arrested, he was succeeded by José Batista Sobrinho, the founder of the company and father of the Batista brothers.

Brazil Supreme Court denies request to release JBS brothers

SAO PAULO (Reuters) - Brazil Supreme Court Justice Gilmar Mendes on Friday denied a request to release from jail Joesley and Wesley Batista, the brothers who control the world’s largest meatpacker JBS SA.

Read More at Reuters

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