Social projects will benefit from JBS parent group fine
06/06/2017
Brazil’s federal public prosecutor’s office imposed the fine on May 30 as part of a plea bargaining arrangement that it has made with J&F in the wake of corruption scandals that threaten to bring down the government.
In a new statement on June 5, JBS reiterated an earlier message saying that the fine is to be paid by J&F Investimentos and not by JBS or any other company owned by the parent group, assuring, JBS said, “the company’s normal course of business, protecting jobs while offering quality products and services”.
The statement also revealed, however, that the prosecutor’s office has said J&F should pay $700 million, more than 20% of the total fine, into social projects related to education and other areas. In addition, the prosecutor’s office has said the group must implement a new compliance and integrity programme, which must include global corporate governance best practice guidelines.
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