JBS holding company reaches leniency deal with federal prosecutors

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J&F Participações has agreed to pay a hefty fine for its role in corruption scandals. 
SÃO PAULO, Brazil – The latest development in the JBS SA bribery scandal involves holding company J&F Participações (J&F) and the Brazilian Federal Prosecutor’s Office entering into a leniency agreement. The parties reached the agreement on May 30, 2017.

The agreement outlines payments made solely by J&F over 25 years to equal R$10.3 billion (US$3.18 billion) as it relates to the Bullish and Weak Flesh investigations, bribes paid by JBS to Brazil’s former and current presidents and meat inspectors along with questionable loans made to JBS by the National Economic and Social Development Bank (BNDES) through its subsidiary BNDESPAR.

The leniency agreement comes after the resignations of Joesley Batista and his brother, Wesley Batista, from the JBS SA board of directors. Joesley Batista served as chairman, while Wesley Batista served as vice chairman. Wesley Batista will continue in his role as CEO of JBS SA, while his father, José Batista Sobrinho, assumes the role of board vice chairman. Joesley Batista was replaced by Tarek Farahat, who has served on the company’s board since 2013 and has been the company’s Global President of Marketing and Innovation since 2015.

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