January 22, 2018 / 10:03 PM / a month ago

Brazil's J&F may reopen leniency deal, confess to insider trading -source

BRASÍLIA, Jan 22 (Reuters) - Brazil’s J&F Investimentos, controlling shareholder of the world’s largest meatpacker JBS SA , is renegotiating its leniency agreement and considering agreeing to a confession of insider trading by jailed owners Joesley and Wesley Batista, a source from the prosecutor’s office said.

The leniency agreement, reached in May 2017, included the payment of a record 10.3 billion real ($3.21 billion) fine over 25 years for corrupt acts committed by companies controlled by J&F.

J&F executives also signed plea deals implicating President Michel Temer and his allies, unleashing the biggest political crisis under his administration.

However, the plea deals have been temporarily suspended after former attorney general Rodrigo Janot accused them of omitting information.

Contacted by Reuters, J&F did not immediately comment. The federal prosecutors office could not immediately be reached for comment.

Brothers Joesley and Wesley were arrested in September accused of insider trading, after an investigation found that they had used information from their own plea deals to profit with foreign exchange and share transactions.

Representatives for J&F and prosecutors have held informal talks to discuss the terms of a possible renegotiation of the plea deal. The company would have to pay additional amounts to the 10.3 billion reais leniency fine agreed in May, the source added. ($1 = 3.2080 reais) (Reporting by Ricardo Brito; Writing by Alexandra Alper; Editing by Sandra Maler)

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