Brazil: J&F agrees to pay record $3.2 billion fine in leniency deal – 1st June 2017

J&F Investimentos, controlling shareholder of the world’s largest meatpacker JBS SA, agreed to pay a record-setting 10.3 billion real ($3.2 billion) fine for its role in corruption scandals that threaten to topple President Michel Temer. The settlement meant Brazil’s sweeping graft investigations have now led to the world’s two biggest leniency fines ever levied, Brazilian prosecutors said. J&F’s penalty surpassed the 8.5 billion reais Brazilian construction firm Odebrecht agreed to pay for its role in the political graft scandal convulsing Latin America’s biggest economy. “The payments will be made exclusively by the holding company and should start in December 2017,” prosecutors said in a statement late Tuesday, adding that J&F would have 25 years to make the payments. The installments will be adjusted based on the benchmark IPCA consumer price index.

 

Reuters