Brazil: Brazil’s BNDES seeks JBS investors’ backing for anti-management suit

Brazilian development bank BNDES is asking other JBS SA investors to support a class action suit against the meatpacker’s executives and controlling shareholders seeking compensation for damages caused by a bribery scheme, according to a securities filing by JBS on Wednesday.

BNDES, which holds a 21.32% stake in the meatpacker making it the largest single minority shareholder, ordered JBS on Sept 21 to call an investor meeting to discuss the matter, according to documents filed by JBS.

In 2017, JBS founders Joesley and Wesley Batista confessed in a plea bargain deal with prosecutors that they had paid out millions of reais in bribes to Brazilian politicians.

The original full article can be found at reuters.com

(Photo: AFP/GETTY IMAGES)

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top