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Brazil audit court sees irregularities in state bank loan to JBS
May 12, 2017 / 6:12 PM / 3 months ago

Brazil audit court sees irregularities in state bank loan to JBS

SAO PAULO, May 12 (Reuters) - Brazilian federal audit court TCU said it will investigate whether support from development bank BNDES for meatpacker JBS SA caused losses to taxpayers, according to a statement Friday.

The court said it found irregularities related to a loan of 1.13 billion reais ($362 million) from the bank to JBS in 2007, which the company used to finance the acquisition of Swift & Co. "The transaction represented an investment risk to BNDES at zero cost to JBS," said the TCU.

$1 = 3.12 reais Reporting by Maria Pia Palermo; Writing by Ana Mano; Editing by Cynthia Osterman

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