Brazil's audit court to give JBS benefits from plea deal - plus55

Brazil’s audit court to give JBS benefits from plea deal

This means that Joesley Batista can obtain a judicial pardon in the case involving the acquisition of a U.S. meatpacker
Brazil Business
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Brazil’s audit court (Tribunal de Contas da União) decided that the benefits of the JBS plea deal also apply in that venue. This means that Joesley Batista can obtain a judicial pardon in the case involving the acquisition of U.S. meatpacker Swift & Co. The TCU decided to accept the same terms the prosecutors negotiated with Batista.

The accusation says JBS received preferential treatment from the National Bank for Social and Economic Development (BNDES). Brazil’s audit court says those involved might have to pay $21 million in fines.

JBS accused of financial crimes

JBS was accused of financial crimes in January this year, but agreed to a plea bargain with Brazil’s courts. The leaked recording wreaked havoc on Brazil’s stock market, causing it to suspend activities in order to avoid a crash. But the Batista brothers still stand to make a profit.

The brothers have been trying to centralize their business operations overseas for a couple of years. Almost 80 percent of their sales today are abroad. Their presence is strongest in the US, which has 56 percent of its meat processing plants and almost half of their global sales. Now, the brothers may move abroad along with their business.

Batista brothers decide to work out a plea bargain

The JBS brothers acted fast in order to cooperate with the corruption investigation. Indeed, they saw how badly the investigations took down the Odebrecht family’s business and reputation.

The company turned in a document to the Attorney General. In it, there are details about Temer and other prominent politicians’ involvement in a kickback scheme. Turns out Temer had been asking for bribes since as early as 2010. Batista claims to have met with Temer at least 20 times over the years, discussing millions in bribes at a time. But now that a wave of justice has fallen upon Brazil’s political and business elite, Batista made moves to save his own company – and fast.

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