Brazil securities regulator to investigate J&F Investimentos units

by Erica Shaffer
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 JBS
CVM will review foreign exchange transactions by Seara Alimentos and another business.
 
SÃO PAULO, Brazil – The Brazilian Securities and Exchange Commission (CVM) has launched an investigation into two companies controlled by J&F Investimentos, which also is the parent company of the world’s largest meat packer, JBS SA.

The investigation will involve closer scrutiny of foreign exchange transactions made by poultry processor Seara Alimentos, a subsidiary of JBS SA, and Eldorado Brasil Celulose SA, a pulpmaker. CVM said the transactions were made before federal prosecutors released information regarding a plea deal with Joesley and Wesley Batista.

J&F Investimentos is the subject of multiple probes by the CVM regarding alleged financial irregularities at the holding company’s business units. JBS SA also is facing multiple federal probes, including an investigation into loans made to the meat packer by the National Economic and Social Development Bank (BNDES) through its subsidiary BNDESPAR.

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