As it turned out, Manhattan bank accounts and real estate were critical assets in bribing high government officials in a meat scandal in Brazil. And for that, J&F Investments S.A. has to pay millions to the U.S. government to escape criminal charges in North American for bribing Brazilian politicians and other officials. It was all part of an expensive settlement for the financial entity associated with the Batista family that’s behind JBS S.A.
J&F is the controlling shareholder of JBS S.A., the world’s largest meat company. It has pleaded to one count of conspiracy in violation of the U.S. Foreign Corruption Practices Act (FCPA), which is associated with the bribery of Brazilian officials and companies. Under a plea agreement, the U.S. Department of Justice is giving J&F a 50 percent credit for amounts paid to Brazilian authorities, cutting a $256.5 million fine down to $128.3 million.
The publicly-traded JBS S.A. … Read more