Batista Family Will Pay 100% of the Penalty
JBS Operations Unaffected
The following statement was released by J&F Investimentos in Portuguese earlier today.
SÃO PAULO, Brazil, May 31, 2017 (GLOBE NEWSWIRE) -- J&F Investimentos (J&F) today announced that it has reached a leniency agreement with the Brazilian Federal Prosecutor’s Office.
The agreement provides for a fine of R$ 10.3 billion, adjusted for inflation and payable over 25 years. The financial penalty will have no impact on the operations of the JBS group. Of the total amount, R$ 2.3 billion will be designated for education, health and anti-corruption projects.
The entire payment will be made by J&F, which is controlled by Joesley and Wesley Batista, to protect minority shareholders and ensure that the Group's business continues to focus on providing quality products and services to its customers, works closely with its suppliers, and preserves jobs.
J&F understands that the collaboration with Brazil authorities will mean a change for the better. The Company also reiterates its commitment to continuing to work with the Federal Public Prosecutor's Office in the fight against corruption in Brazil.