JBSAY - SEC charges JBSAY and others for bribery

SEC announces that Brazilian nationals Joesley Batista and Wesley Batista and their companies J&F Investimentos S.A. and JBS S.A. ([[JBSAY]] +8.3%) have agreed to pay nearly $27M to resolve charges arising out of an extensive bribery scheme that took place over multiple years. The engaged in wrongdoing to facilitate JBS’s 2009 acquisition of U.S. issuer Pilgrim’s Pride Corporation. Batistas made payments of ~$150M in bribes at the direction of a former Brazil Finance Minister using in part funds from intercompany transfers, dividend payments, and other means obtained from JBS operating accounts containing funds from Pilgrim’s.Press Release

For further details see:

SEC charges JBSAY and others for bribery