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September 13, 2017
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Brazilian Police Arrest JBS CEO Wesley Batista

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Brazilian Police Arrest JBS CEO Wesley Batista
MeatingPlace.com

Brazil's Federal Police this morning arrested JBS S.A. CEO Wesley Batista in São Paulo for allegedly using insider trading to profit while negotiating a plea bargain deal with prosecutors in April and May, the police said.

The arrest, ordered by a federal court, stems from the investigation dubbed “Achilles Tendon” into the sale of JBS stock by FB Participações, a company owned by the Batistas. JBS purchased the stock, “manipulating the market and causing its shareholders to absorb part of the loss due to the fall in the stock’s value,” the police said in a statement.

The probe is also investigating purchases of foreign exchange futures contracts between late April and mid-May, just before news of the bribery scheme involving JBS’ controllers and Brazilian politicians broke. At the time, the dollar reached its highest appreciation against the Brazilian currency in a single day.

Brazil securities regulator CVM worked with the Federal Police in the investigation, which has also implicated JBS' former chairman, Joesley Batista, in the potential crimes. Joesley was arrested over the weekend for allegedly omitting wrongdoings during his plea bargain testimony to prosecutors in April.

The Batista brothers may face one to five years of imprisonment, plus fines, if they are proven guilty, according to the police.
JBS confirmed in a statement that Wesley Batista was arrested Wednesday morning, without giving further details.

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