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Brazil watchdog allows Batistas to vote in JBS holders meeting -papers
August 30, 2017 / 11:53 AM / 4 months ago

Brazil watchdog allows Batistas to vote in JBS holders meeting -papers

SAO PAULO, Aug 30 (Reuters) - Brazil’s securities regulator allowed the Batista family to vote in a meeting of shareholders of JBS SA that will decide whether to oust family member Wesley from the meatpacker’s management, newspapers reported on Wednesday.

The ruling by watchdog CVM comes as a response to a request by the participations arm of development bank BNDES to block the Batistas, who own 42 percent of JBS, from voting in the meeting, scheduled for Friday.

A May plea-bargain deal between the Batistas and Brazilian prosecutors revealing that the family bribed hundreds of politicians led BNDES Participações SA to seek Batista’s ouster. BNDESPar has blamed the family’s conduct for a steep plunge in the company’s stock this year.

BNDESPar argues that the Batistas should not be allowed to vote on the matter due to conflicts of interest. CVM ruled that shareholders themselves should decide whether to abstain from voting, newspapers Valor Econômico and Folha de S.Paulo reported.

Media representatives for CVM were not immediately available to comment. (Reporting by Bruno Federowski; Editing by Chizu Nomiyama)

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