JBS owners charged with insider market trading
12/10/2017
According to a statement from Brazilian prosecutors, which has been reported by Reuters, the Batista brothers carried out a series of stock and foreign exchange transactions in the weeks prior to the plea-bargain agreement. This allowed them to use information related to the agreement before it became public.
Prosecutors have said the Batistas made a profit of 100 million reais ($32 million) with foreign currency transactions and avoided a loss of more than $43 million by selling shares they held in JBS before details of the plea-bargain agreement were released.
The Batista brothers have defended their actions, insisting that the foreign exchange rates were part of the routine business of the company. They said this was also the case for the share trades they carried out.
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