September 13, 2016 / 11:37 PM / 2 years ago

Batistas put up $465 mln in guarantees to return to Brazil's JBS, J&F

SAO PAULO, Sept 13 (Reuters) - Brazilian billionaires Wesley and Joesley Batista have agreed to put 1.52 billion reais ($465 million) in an escrow account as financial guarantees to overturn a judge’s decision removing them from the command of beef processor JBS SA and investment holding company J&F Investimentos SA.

Under terms of the accord, which were signed by the Batistas and federal prosecutors in Brasilia, the brothers will be allowed to return as chief executive officers of both companies. In a statement, the prosecutors also said that an asset freeze order on both brothers has been lifted.

On Sept. 5, the Batistas were ensnared in a sweeping graft probe of state-controlled pension funds.

$1 = 3.2690 Brazilian reais Reporting by Guillermo Parra-Bernal and Tatiana Bautzer; Editing by Cynthia Osterman

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