JBS boss Wesley Batista arrested on insider trading charges
Both he and his brother Joesley Batista, former chairman of JBS, have previously admitted to bribing politicians. However, the latter handed himself into the authorities earlier this week.
According to the Brazilian police, the insider trading amounted to $44 million. It has been alleged that the brothers sold shares in their company ahead of the bribery allegations coming to light, knowing that shares would fall. If they are found guilty of these charges, they would be the first people in Brazil jailed for insider trading.
The Batistas’ lawyer, Pierpaolo Bottini, said the allegations and arrest were “unjust, absurd and regrettable”.
These fresh allegations come just four months after a plea bargain was agreed upon by the Batistas, although taped conversations had threatened to put this in jeopardy.
