The Brazilian parent company of meatpacking conglomerate JBS SA has agreed to pay more than $280 million in fines to the Justice Department and Securities and Exchange Commission (SEC) to settle charges it violated federal anti-corruption laws.
J&F Investimentos, a holding company run by Brazilian nationals Joesley Batista and Wesley Batista, agreed Wednesday to pay a $256 million fine to the Justice Department over charges it violated the Foreign Corrupt Practices Act (FCPA) by using funds obtained through a bribery scheme to expand its U.S. operations.
Federal prosecutors alleged that JBS SA used U.S.-based bank accounts, shell companies and an apartment in a massive bribery scheme involving funding from Brazilian banks. The Batistas previously admitted to spending roughly $150 million to bribe more than 1,800 Brazilian government officials to secure $1.3 billion in loans from the Brazilian Development Bank and federal pension funds.
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