October 10, 2017 / 5:32 PM / a year ago

Brazil prosecutors charge Batista brothers with insider trading

SAO PAULO (Reuters) - Brazilian prosecutors on Tuesday charged brothers Wesley and Joesley Batista, the controlling shareholders of JBS SA (JBSS3.SA), the world’s largest meatpacker, with insider trading and market manipulation.

Brazil's billionaire businessman Joesley Batista arrives at Federal Police headquarters in Brasilia, Brazil, September 11, 2017. REUTERS/Adriano Machado

Prosecutors said in a statement that the Batistas carried out stock and foreign exchange transactions between March 31 and May 17 using information they had on the contents of their plea deal in a corruption case.

Prosecutors say the Batistas made a profit of 100 million reais ($32 million) with foreign currency transactions ahead of the release of the plea deal and avoided a loss of 138 million reais by selling the company’s shares.

Reporting by Lais Martins; Writing by Tatiana Bautzer; Editing by Jonathan Oatis

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