Brazilian Controller of World’s Largest Meatpacker JBS Pleads Guilty to FCPA Charges

The owner of the world’s largest meatpacker pleaded guilty in U.S. federal court this week to paying nearly US$ 180 million in bribes to top Brazilian officials in exchange for state-backed financing used to go on a buying spree in the U.S.

RIO DE JANEIRO, BRAZIL - São Paulo-based J&F Investimentos, the controlling shareholder of JBS SA, pleaded guilty in federal court in Brooklyn to one count of conspiring to violate the Foreign Corrupt Practices Act (FCPA).

As part of the settlement agreement with the U.S. Department of Justice, it must pay fines of US$ 256 million (R$1.4 billion)  — half of which will be discounted from hefty penalties it has already agree to pay to Brazilian authorities for the previously disclosed bribe payments.

In a related agreement, JBS said it would pay the U.S. Securities . . .

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