The controlling shareholders of Brazil’s JBS SA (JBSS3.SA), the world’s largest meatpacker, will face trial for alleged insider trading and market manipulation, a federal court confirmed on Monday.
Wesley Batista (R), chief executive of JBS S.A., the world’s largest beef producer, leaves the Federal Police headquarters to give a testimony in the Federal Court in Sao Paulo, Brazil September 13, 2017. REUTERS/Leonardo Benassatto
Joesley and Wesley Batista were charged last week for carrying out stock and foreign exchange transactions based on knowledge of their plea deal in a corruption case.
Prosecutors say the Batistas saved 138 million reais ($43 million) by selling JBS shares before news of the plea deal broke. Their testimony led to corruption charges against President Michel Temer, whom they say arranged for millions in political bribes. ($1 = 3.17 reais) – Reuters