Report: Brazilian tax authorities allege fraud in JBS-Bertin merger
Feb. 29, 2016
by MEAT+POULTRY Staff
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SAO PAULO, Brazil – Tax authorities in Brazil allege that the merger of JBS SA and the Bertin Group was structured in a way that harmed minority shareholders, Estado de S. Paulo reported. The merger made JBS SA the world’s largest meatpacker.
Authorities allege that minority shareholders were hurt by the deal because J&F Investimentos, the holding company that controls JBS SA, undervalued the shares given to Bertin, Estado reported. Additionally, a tax investigation into companies owned by Bertin Group has resulted in an assessment of 3 billion reais ($751 million) in unpaid taxes and fines, Estado reported.