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Financial News: JBS: Brazilian SEC Shelves Procedure On Insider Trading

JBS: Brazilian SEC Shelves Procedure On Insider Trading

10/17/2017 - 18:33:00 (RTTNews)

(RTTNews) - The Brazilian market regulator, known as CVM, shelved an administrative procedure aimed at analyzing transactions of Banco Original - one of the companies from J&F, the parent holding of JBS - in the derivatives market.

According to the CVM, there was insufficient evidence that the bank profited from insider information regarding the announcement of a plea-bargain deal involving Joesley and Wesley Batista, owners of the Brazilian meatpacker JBS.

News about the deal came to light the night before a flash crash in Brazilian stock and foreign exchange markets, in mid-May, as the Batista brothers told authorities that the Brazilian President Michel Temer was involved in a corruption scandal.

Authorities believe that the Batista family and JBS positioned themselves in the stock and foreign exchange markets to profit from the news that the company signed the plea-bargain deal with public prosecutors.

Original, as a J&F subsidiary, was under investigation because of that suspicion. However, another 12 inquiries related to J&F are ongoing, including a possible purchase of U.S. dollars by JBS before the news on the plea-bargain deals.

On Monday, the Batista brothers officially became defendants, since the Federal Court of São Paulo accepted the Public Prosecutor's Office's complaint in which both are accused of insider trading and market manipulation.

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