Wesley Batista gets released from prison
A Brazilian court has released former JBS SA CEO Wesley Batista from prison and put him under house arrest, according to news reports.
Batista reportedly left jail, following his first court victory since the alleged insider trading and meat scandal. The brothers were charged in October. The Brazilian court decided in a three-to-two vote to release Batista, after almost six months behind bars.
The stipulations behind his release include that he remain in the country and can not take any role in any of the family companies, including JBS.
Joesley Batista, his brother and former JBS chairman, also had his release ordered by the court, according to reports, but remains in jail under a separate order for allegedly concealing information during previous negotiations over a plea bargain.
The decision follows JBS SA plans to shut down its foreign exchange desk and increase the board’s oversight on hedging operations according to Bloomberg.
“Nine months after the act and six months after the jailing, the risk of recidivism has weakened, not enough to disappear, but enough to justify other measures that should suffice to protect the case and society,” said Judge Rogerio Schietti, who was responsible for the case in the court.
The JBS SA meat scandal has sent stocks for the company on a roller-coaster ride for the past year. And speculation still surrounds the JBS USA’ sell off of Five Rivers Cattle Feeding to Pinnacle Asset Management, L.P., for approximately $200 million.
The brothers continue to claim they are innocent of any wrong-doing.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User
The cattle market finished the week on a stronger note with contract highs for the December live cattle out through next spring. The optimism remains that the producer can somehow start getting a piece of…