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Financial News: BRAZIL: Displace Batista Family From JBS Is 'exaggeration'

BRAZIL: Displace Batista Family From JBS Is 'exaggeration' - BNDES Chairman

10/04/2017 - 19:53:00 (RTTNews)

(RTTNews) - The command to displace the Batista family from the Brazilian meatpacker JBS is not well-seen by the country's National Bank for Economic and Social Development (BNDES).

The BNDES chairman, Paulo Rabello de Castro, said that the experience of the current president of the company, José Batista Sobrinho [founder of JBS and father of Wesley and Joesley Batista] must be respected.

"To displace the family is exaggerated because they are also part of the company. The appointment of Mr. Batista has the face of being intermediate, but he has a history, has experience and this must be taken into account," Rabello de Castro said.

"Having a Baptist at the head of the company is no problem. Governance there needs to be improved, organized," he said.

In August, a court barred the Batista brothers from voting at a JBS' board meeting, as requested by BNDESPar - the BNDES investing arm - and Caixa Econômica Federal, which are shareholders of the company with 21% and 4% stakes, respectively. The case was forwarded to an arbitration chamber.

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