Former JBS chair Joesley Batista released from custody

Joesley Batista, former chairman of Brazil-based meat and poultry company JBS, was released from custody after having been incarcerated since September.

William Schenold, Freeimages.com
William Schenold, Freeimages.com

Joesley Batista, former chairman of Brazil-based meat and poultry company JBS, was released from custody after having been incarcerated since September.

A federal court in Brazil on March 9 granted his release from jail, according to a Reuters report. He and his brother, Wesley Batista, had been jailed on suspicion of insider trading charges. They both allegedly used inside information to avoid financial losses after obtaining that information during the plea bargaining process as they were involved in a corruption scandal in which each brother admitted to bribing Brazilian politicians.

Wesley, the former CEO of JBS, was released from jail on February 21 after the court voted 3-2 to do so. The court had also called for Joesley’s release in relation to the insider trading charges. However, at the time, his continued incarceration was mandated under a separate order in which he has been accused of concealing information during previous negotiations regarding a plea bargain.

However, the judge who ordered Joesley’s release said his preventive arrest order was no longer valid, since that type of arrest by law should not exceed 120 days.

JBS, according to the WATTAgNet Top Poultry Companies Database, is the world’s largest broiler company, having slaughtered 3.5 billion chickens in 2016.

Current JBS leadership

Neither of the two brothers are presently in leadership positions with the Brazil-based meat and poultry company. Joesley stepped down from the chairmanship in May 2017 in connection with the bribery scandal, and he was succeeded by Tarek Farahat. Farahat served in that capacity until October 2017, when the JBS board named Jeremiah O’Callaghan as its new chairman.

O’Callaghan had spent the previous 10 years as the investor relations officer of JBS.

Wesley remained CEO of JBS until his September arrest. Following the arrest, Wesley and Joesley’s father, José Batista Sobrinho, also the founder and namesake of the company, was chosen to take over as CEO.

Page 1 of 1576
Next Page