Brazil’s President Worries About JBS
May 30, 2017
Brazil’s Agriculture Minister says that he has been worried about the size of JBS, a processed meatpacking company, for a long time. There have also been reports of the Agricultural Minister also criticizing a Brazilian development bank for helping build JBS’s dominant market position. In recent years JBS has purchased rivals in cattle-producing regions throughout Brazil with the help of nearly 2.5 billion dollars in government funding.
Brothers Joesley and Wesley Batista of JBS continue settlement talks in a recent corruption scandal. Both brothers have resigned from their senior chairman positions effective immediately. The testimony unleashed a political crisis, alleging that they bribed hundreds of politicians. There are also reports that say they’re willing to shell out 1.3 billion dollars for the plea deal.