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Brazil brothers who control JBS to face insider trading trial
October 16, 2017 / 8:02 PM / 2 months ago

Brazil brothers who control JBS to face insider trading trial

SAO PAULO (Reuters) - The controlling shareholders of Brazil’s JBS SA (JBSS3.SA), the world’s largest meatpacker, will face trial for alleged insider trading and market manipulation, a federal court confirmed on Monday.

Wesley Batista (R), chief executive of JBS S.A., the world's largest beef producer, leaves the Federal Police headquarters to give a testimony in the Federal Court in Sao Paulo, Brazil September 13, 2017. REUTERS/Leonardo Benassatto

Joesley and Wesley Batista were charged last week for carrying out stock and foreign exchange transactions based on knowledge of their plea deal in a corruption case.

    Prosecutors say the Batistas saved 138 million reais ($43 million) by selling JBS shares before news of the plea deal broke. Their testimony led to corruption charges against President Michel Temer, whom they say arranged for millions in political bribes.

    ($1 = 3.17 reais)

    Reporting by Eduardo Simoes; Editing by Sandra Maler

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