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Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Bill Steinman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

Brazil meatpacker agrees to pay $3.2 billion to settle graft probe

The parent company of Brazil meatpacking giant JBS SA will pay a fine of about $3.2 billion spread over 25 years for bribing 1,900 local politicians.

Brazil prosecutors announced the leniency agreement Wednesday with J&F Investimentos.

“The payments will be made exclusively by the holding company and should start in December 2017,” prosecutors said.

J&F has 25 years to make the payments.

Witnesses testifying for the prosecution said the company bribed about 1,900 politicians in recent years.

An owner of J&F, Joesley Batista, resigned from the JBS board last week. He had been serving as chairman.

His brother Wesley resigned as vice chairman but stayed on the board and is still serving as CEO.

Prosecutors said J&F landed investments and loans from pension funds and state-run banks in return for bribes.

JBS SA is traded on the Sao Paulo Stock Exchange, in the Novo Mercado segment, under the symbol JBSS3.

JBS USA Holdings, Inc. owns 78.5 percent of Pilgrim’s Pride Corporation, one of the largest chicken-producing companies in the world. Pilgrim’s Pride is listed on NASDAQ under the symbol PPC.


Richard L. Cassin is the publisher and editor of the FCPA Blog.

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