Shock for JBS as judge bans Batista brothers from ru - leatherbiz: Lea Leatherbiz

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Shock for JBS as judge bans Batista brothers from running the business

06/09/2016
The chief executive and chairman of the board of packer and tanning group JBS, brothers Wesley and Joesley Batista, are among 40 senior business figures in Brazil to have been ordered by a judge to take no part in running their businesses pending an investigation into alleged pension fund irregularities.

News agency Reuters said allegations centre on investment decisions at four state-run pension funds and the possible influence that a number of business leaders may have brought to bear. It said the judge involved in the case, Vallisney De Souza Oliveira, had ordered the business leaders under investigation “to suspend their corporate roles, avoid all capital market activity and forfeit their passports in order to avoid jail”.

JBS issued a statement saying it had learned of the restrictions imposed on the Batista brothers through press reports and insisted that the investigations centre on other businesses they run, namely the family’s holding company, J&F Investimentos, and wood-pulp business Eldorado Celulose, rather than JBS.

It added that it had not yet had access to the full content of the decision of judge Vallisney De Souza Oliveira but said its legal advisors were working to secure this access and to work out what the repercussions might be for JBS.



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