August 31, 2017 / 11:03 PM / 3 months ago

UPDATE 1-Brazil court blocks Batista family from voting in JBS assembly

(Adds comments from judge, context)

SAO PAULO, Aug 31 (Reuters) - A federal court in Sao Paulo ruled in favor of a request by Brazil’s development bank BNDES and blocked the Batista family from voting in a key JBS SA shareholder assembly on Friday, according to a court document seen by Reuters.

The assembly could decide whether JBS Chief Executive Wesley Batista will have to leave the post, as sought by BNDES investment arm BNDES Participações SA.

“It is evident ... that has been caracterized a situation of conflict of interests,” federal judge Hong Kou Hen wrote in its decision, justifying barring the Batista family - which owns a 41 percent stake in JBS - from voting in the meeting.

BNDES has a 21 percent stake in the company. Since a May plea-bargain deal that exposed the propensity of Batista’s billionaire family for bribing politicians, the bank is seeking the removal of Wesley Batista from the CEO post. (Reporting by Alberto Alerigi Jr; Writing by Marcelo Teixeira; Editing by Andrew Hay and Jonathan Oatis)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below