SAO PAULO, June 26 (Reuters) - The investment arm of Brazil state development bank BNDES has called for a meeting of JBS SA shareholders to propose a reshuffling of the meatpacker’s board, the lender’s Chief Executive Officer Paulo Rabello de Castro said on Monday.
Rabello de Castro said the arm, known as BNDES Participações SA, will demand the board of JBS explain what steps the meatpacker is taking to address a credit shortfall and assess potential losses caused by executives, Castro said.
Reuters reported on Thursday that BNDESPar, as the arm is commonly known, had called for a shareholder assembly to remove the controlling Batista family from the meatpacker’s management and board. BNDESPar has 21 percent of JBS. (Reporting by Aluisio Alves; Writing by Bruno Federowski; Editing by Bernard Orr)