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JBS reaches $3.2B leniency deal; makes governance changes

Jaclyn Jaeger | June 1, 2017

J&F Investimentos, the holding company of meat-packing company JBS, has agreed to pay a record 10.3 billion reais (US$3.2bn; £2.4bn) fine for its role in a widespread corruption scandal, deepening Brazil's anti-corruption enforcement crackdown.

The settlement is part of a leniency agreement that J&F Investimentos entered into with the Brazilian Federal Prosecutor’s Office. The fine will be paid over 25 years, “payable solely by J&F,” the company stated. Also in that statement, JBS said the fine relates to two investigations: Operation Weak Flesh and Operation Bullish—an investigation into loans made by the National Economic and Social Development Bank to JBS.

The settlement follows testimony by J&F’s owners Joesley...

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