JBS S.A. files injunction in Italy over governance issues
July 08, 2010
by Meat&Poultry staff
SÃO PAULO , Brazil – JBS S.A. has filed an injunction with Italian legal authorities to resolve pending corporate governance issues with the Cremonini Group from whom JBS bought 50% of INALCA to form INALCA JBS. INALCA JBS represents 2.8% of the consolidated company’s revenues.
Due to the non-compliance of certain valid contractual clauses, JBS S.A. is taking this action in the Italian judicial system to guarantee that its shareholders are not jeopardized. The injunction is in preparation for arbitration at the International Chamber of Commerce (I.C.C.) in Paris and is directly related to the board members indicated by JBS (including the chairman of the board) having complete access to all relevant information and installations of INALCA JBS and to the fulfillment of the clause which delegates to JBS S.A. the nomination of the c.f.o. of INALCA JBS as well as the c.f.o. of all subsidiaries of INALCA JBS.