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Parent of Brazil's JBS pleads guilty to U.S. foreign bribery charges
Source: Reuters
ENERGY & ENVIRONMENT
OCTOBER 14, 2020 12:07 PM UPDATED 31 MINUTES AGO
Parent of Brazil's JBS pleads guilty to U.S. foreign bribery charges
By Jody Godoy, Sabrina Valle
2 MIN READ
NEW YORK/RIO DE JANEIRO (Reuters) - Brazil's J&F Investimentos, parent company of the world's largest meatpacker, JBS SA JBSS3.SA, pleaded guilty to U.S. foreign bribery charges and agreed to pay $256 million in criminal fines, prosecutors said on Wednesday.
Only half of the fine, $128 million, will be paid to U.S. authorities, as the company will receive credit to payments made to Brazilian authorities.
In 2017, J&F agreed to pay a record-setting 10.3 billion-real ($1.85 billion) fine in its home country for its role in corruption scandals that severely weakened Brazil’s then-president, Michel Temer. Top executives in Brazil had admitted to bribing more than 1,900 politicians to secure contracts for the group.
Shares of JBS rose 5.8% in Sao Paulo following the announcement in the United States, amid hopes the deal would allow the company - which reported a net profit of 3.4 billion reais last quarter - to draw under a line under the sprawling corruption scandal.
-snip-
OCTOBER 14, 2020 12:07 PM UPDATED 31 MINUTES AGO
Parent of Brazil's JBS pleads guilty to U.S. foreign bribery charges
By Jody Godoy, Sabrina Valle
2 MIN READ
NEW YORK/RIO DE JANEIRO (Reuters) - Brazil's J&F Investimentos, parent company of the world's largest meatpacker, JBS SA JBSS3.SA, pleaded guilty to U.S. foreign bribery charges and agreed to pay $256 million in criminal fines, prosecutors said on Wednesday.
Only half of the fine, $128 million, will be paid to U.S. authorities, as the company will receive credit to payments made to Brazilian authorities.
In 2017, J&F agreed to pay a record-setting 10.3 billion-real ($1.85 billion) fine in its home country for its role in corruption scandals that severely weakened Brazil’s then-president, Michel Temer. Top executives in Brazil had admitted to bribing more than 1,900 politicians to secure contracts for the group.
Shares of JBS rose 5.8% in Sao Paulo following the announcement in the United States, amid hopes the deal would allow the company - which reported a net profit of 3.4 billion reais last quarter - to draw under a line under the sprawling corruption scandal.
-snip-
Read more: https://www.reuters.com/article/us-j-f-brazil-crime/parent-of-brazils-jbs-pleads-guilty-to-u-s-foreign-bribery-charges-idUSKBN26Z2FZ