June 22, 2017 / 8:29 PM / a year ago

BNDESPar wants Batistas off Brazil's JBS board - sources

RIO DE JANEIRO, June 22 (Reuters) - The investment arm of Brazil’s state development lender BNDES has asked JBS SA to convene a shareholder assembly to remove the controlling Batista family from the meatpacker’s management and board, two people briefed on the matter said on Thursday.

The arm known as BNDESPar, which holds a 22 percent stake in JBS, wants the board to call an assembly as soon as possible, said the people. Minority shareholders endorsing BNDESPar’s move may demand the Batistas pay them compensation for a recent price plunge in the shares of JBS, the people said.

Last month, Prosecutor-General Rodigo Janot reached a plea agreement with billionaire brothers Wesley and Joesley Batista, whose family owns 42 percent of JBS, to avoid prosecution if they turned in 1,893 politicians involved in a bribery scheme. Their alleged involvement in the scandal has driven shares of the world’s No. 1 meatpacker down 33 percent since mid-May.

JBS and BNDESPar did not have an immediate comment. (Reporting by Rodrigo Viga Gaier; Editing by Tom Brown)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below