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JBS chiefs return to posts

Executives were ordered to step aside in federal probe of pension funds

JBS
(JBSS.infoinvest.com.br)

The CEO and board chairman of the world’s biggest beef exporting firm say they’ve received clearance from a Brazilian federal court to return to their positions, after being ordered off the job last week.

Brothers Wesley Batista and Joesley Batista, the CEO and board chairman respectively at Brazilian meat packing giant JBS, were among several dozen senior executives at major Brazilian firms ordered last week by a federal judge to suspend their corporate roles.

Another brother, former JBS president Jose Batista Jr., had been appointed Tuesday as the firm’s interim president and CEO, while company founder Jose Batista Sobrinho was named interim board chairman.

Last week’s ruling came as part of a probe by Brazilian police alleging possible fraud at state-run companies’ pension funds.

The Reuters news service last week quoted police as saying their investigation focused on losses to pensioners from reckless or fraudulent investments throughout the Brazilian economy.

JBS, in a release Wednesday, said an agreement has been signed between shareholders in J+F Investimentos, the Batista family’s holding company, and Brazil’s federal public prosecutor’s office, in which J+F provided prosecutors with an “insured surety.”

The agreement, JBS said, has been approved in federal court in Brasilia. As a result, “all measures against J+F Investimentos, Wesley Batista and Joesley Batista were lifted” and the JBS board on Wednesday reappointed the two brothers to their previous posts. — AGCanada.com Network

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