Batista brothers indicted for insider trading |

Batista brothers indicted for insider trading

According to Reuters, Brazilian police requested that government prosecutors charge Wesley Batista and Joesley Batista, brothers who own the JBS meatpacking company, for insider trading.

Allegedly the brothers saved up to 138 million reais ($44 million) via illegal deals in May.

The insider trading occurred before the plea bargain deal was agreed upon, said police. They admitted in May to bribing over 1,800 politicians in recent years, for profit, said the story.

The country’s president Michael Temer has three corruption charges to deal with as a result of the Batistas’ testimony, but under Brazilian law, a president can be tried for a crime only before the Supreme Court and if two-thirds of the Congress’s lower house agrees to allow the court to try. In early August, legislators stopped the first Temer’s three charges, for allegedly taking bribes, said the Reuters story.

–staff report