JBS responds to “financial crime” accusations
29/01/2016
This accusation stems from an audit by Brazil’s central bank in May, 2012, the statement said, with auditors raising questions about loans a now-defunct bank called Banco Rural to two companies in the JBS Group (neither related to leather production). Prosecutors allege that JBS’s almost immediate repayment of the loans, valued at around $20 million, to Banco Rural are indicative of what they have referred to as a “triangulation” of funds to mask alleged internal loans that breach of fiscal rules.
In its new statement, JBS said this audit initially resulted in a recommendation of a fine of around $60,000 for each of the parties involved and did not result in “any type of personal impediment to those involved, all of whom continued to occupy positions in the financial market”.
Full documentation relating to the accusation is still to be made available. “After analysing the file, J&F Investimentos [the holding company that controls JBS] will lodge its defence, its rationale and the necessary proof, which will demonstrate that the financial transactions were carried out within market practices and strictly in accordance with the rules of the regulator,” the statement said.
It added that its executives are innocent and said JBS is “absolutely sure that this case will be resolved without damage or threat to the financial stability of the company”.
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