SÃO PAULO — Joesley and Wesley Batista, shareholders of J&F Investimentos, the parent company of JBS SA, received another acquittal of insider trading.

The Brazilian Securities and Exchange Commission (CVM) reached its verdict on Oct. 31 after coming to a majority ruling during late May.

According to J&F, one of the directors requested a review of the case files and cast her final vote in October, which confirmed the acquittal on three counts of insider trading.

“This decision rectifies an injustice, proves that Brazilian institutions are solid and reaffirms the integrity of the operations of J&F Group’s executives and companies in the financial market,” J&F said in a statement.

From 2016 through 2017, the Batista name became linked to multiple criminal investigations, including “Operation Weak Flesh,” which exposed bribes paid to food safety inspectors in Brazil. The brothers also faced allegations that they and other JBS S.A. executives bribed almost 2,000 politicians at all levels of government, including Michel Temer, former Brazilian president.

The Batistas and other JBS executives were charged with corruption in 2018. 

Prosecutors also alleged the Batista brothers permitted the sale of millions of JBS shares weeks before submitting evidence of the bribes to officials, knowing the company’s share price would fall after the disclosures.

The Batista brothers spent six months in pretrial detention and were banned from holding management positions at J&F-owned companies.

The brothers returned to their management roles at J&F in 2020 after Brazil’s Superior Court of Justice agreed to their return to the company.