Brazilian Securities and Exchange Commission

Brazil’s Securities and Exchange Commission (CVM) concluded three administrative proceedings involving Batista family members and JBS-related entities on October 31, 2023. Its published account says the board voted to absolve Wesley in the specified allegations involving JBS share transactions and in a separate case involving currency-related transactions by JBS, Seara and Eldorado. It also records other outcomes, including a 500,000-real fine against J&F for trading JBS shares during a restricted period.

Reuters reported that Federal Police arrested him in São Paulo on September 13, 2017, amid an investigation into suspected use of nonpublic information in market transactions before the public disclosure of J&F executives’ cooperation agreement. His lawyer called the detention unjust and said the Batistas had cooperated with authorities. In October 2023, Brazil’s Securities and Exchange Commission reported that its board voted to absolve Wesley of specified administrative allegations involving JBS share transactions and, in a separate case, currency-related transactions involving JBS, Seara and Eldorado. Those administrative decisions are distinct from the 2017 criminal investigation.

In its October 31, 2023 decisions, Brazil’s securities regulator acquitted Wesley and Joesley Batista of specified administrative allegations involving market transactions. Some votes were divided. J&F received a 500,000-real fine for trading JBS shares during a restricted period. These were Brazilian securities proceedings; the U.S. bribery and accounting resolutions were issued separately in 2020.

Related Reports

Sources and Records

AI generated report by Explorvia.com.