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Brazil judge suspends J&F leniency, asset sales in limbo
Source: Reuters
#WORLD NEWS SEPTEMBER 11, 2017 / 7:33 AM / UPDATED 18 MINUTES AGO
Brazil judge suspends J&F leniency, asset sales in limbo
Ricardo Brito
3 MIN READ
BRASILIA (Reuters) - A Brazilian judge on Monday suspended the leniency agreement of J&F Investimentos SA, a holding company run by the scandal-ridden Batista family, throwing billions of dollars of asset sales into question.
Federal Judge Vallisney de Souza Oliveira held up J&’s accord until the Supreme Court makes a final ruling on Joesley Batista’s plea bargain in a corruption probe, whose benefits were revoked due to evidence he had hidden some crimes from prosecutors.
Police flew Batista to Brasilia on Monday following his surrender to authorities in Sao Paulo over the weekend after he lost immunity from prosecution. Police also raided J&F’s headquarters and Batista’s home on orders from Supreme Court Justice Edson Fachin.
Uncertainty about J&F’s leniency agreement could threaten an estimated 14 billion reais ($4.5 billion) of recent asset sales and jeopardize the future of a company that diversified from meatpacking into fashion, energy, wood pulp and banking over the past five years.
-snip-
Brazil judge suspends J&F leniency, asset sales in limbo
Ricardo Brito
3 MIN READ
BRASILIA (Reuters) - A Brazilian judge on Monday suspended the leniency agreement of J&F Investimentos SA, a holding company run by the scandal-ridden Batista family, throwing billions of dollars of asset sales into question.
Federal Judge Vallisney de Souza Oliveira held up J&’s accord until the Supreme Court makes a final ruling on Joesley Batista’s plea bargain in a corruption probe, whose benefits were revoked due to evidence he had hidden some crimes from prosecutors.
Police flew Batista to Brasilia on Monday following his surrender to authorities in Sao Paulo over the weekend after he lost immunity from prosecution. Police also raided J&F’s headquarters and Batista’s home on orders from Supreme Court Justice Edson Fachin.
Uncertainty about J&F’s leniency agreement could threaten an estimated 14 billion reais ($4.5 billion) of recent asset sales and jeopardize the future of a company that diversified from meatpacking into fashion, energy, wood pulp and banking over the past five years.
-snip-
Read more: http://www.reuters.com/article/us-brazil-corruption-jbs/brazil-judge-suspends-jf-leniency-asset-sales-in-limbo-idUSKCN1BM1CV
