BRASILIA, Brazil – A federal court restored Wesley and Joesley Batista to their executive roles at JBS SA and J&F Investimentos SA, an investment holding business, after the brothers reached a deal with federal prosecutors to deposit 1.52 billion reais ($454 million) in financial guarantees.
The Batista brothers have until Oct. 21 to deposit the funds, which is similar to insurance backed by assets. Joesley and Wesley Batista were suspended from managing any of the Batista family businesses while federal authorities investigate alleged fraud at J&F Investimentos. JBS SA is not part of the federal investigation.
“The 10th district court of the Federal Capital — Brasilia approved the agreement, and, consequently, all measures against J&F Investimentos, Wesley Batista and Joesley Batista were lifted,” the company explained in a statement. “Thus, the Board of Directors of JBS decided, in a meeting held today, to reappoint Wesley Batista as CEO and vice chairman of the board and Joesley Batista as chairman of the board of the company.”
Jose Batista Jr. was selected to succeed his brother, Wesley as interim president and CEO, while Jose Batista Sobrinho was named chairman of the board. Batista Sobrinho is the Batista brothers’ father and founder of JBS.
“I thank my brother, José Batista Jr., for having temporarily assumed the presidency of JBS and I also thank all our shareholders and other stakeholders for the trust they place in us,” Wesley Batista said in a statement. “I will continue working with the global and regional leadership teams towards the consolidation of JBS as a global leader in the food sector.”