SHAREHOLDER PROFILE: Batista family fights to stay atop JBS as scandals deepen

28 March 2018
The Batista family founded and controls meatpacker JBS, which expanded globally via acquisitions with strong financial support from BNDES and other government entities. J&F Investimentos, through which the family holds JBS, also owns Banco Original, cosmetics and cleaning products maker Flora and TV channel Canal Rural.
After admitting to bribing officials in exchange for financing and other benefits, J&F executives including Wesley and Joesley Batista signed plea bargains and the company obtained a leniency agreement in 2017. However, the deals may be revoked due to revelations of additional offenses. J&F executives’ testimony implicated politicians including Brazil’s president, as well as government bank officials.
Wesley and Joesley were jailed from September 2017 until February and March 2018, respectively. They are barred from positions at group companies and may face prison terms. Second-largest shareholder BNDES has pushed to remove the family from management.
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