Brazil J&F Investimentos agrees to pay $285 million to settle FCPA violations

Brazil J&F Investimentos agrees to pay $285 million to settle FCPA violations

São Paulo-based conglomerate J&F Investimentos

pleaded guilty Wednesday to conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act for a scheme to bribe officials in Brazil.

The company entered its plea in federal court in Brooklyn.

It agreed to pay a criminal fine of $256 million.

In a related SEC settlement Wednesday,

a J&F majority-owned subsidiary, JBS S.A.:

agreed to pay the SEC disgorgement and prejudgment interest totaling about $28.9 million.

JBS USA Holdings, Inc. owns 78.5 percent of Pilgrim’s Pride Corporation, one of the largest chicken-producing companies in the world. Pilgrim’s Pride is listed on NASDAQ under the symbol PPC.

According to the DOJ:

J&F paid bribes to Brazilian officials between 2005 and 2017

to “ensure that Brazilian state-owned and state-controlled banks would enter into debt and equity financing transactions with J&F and J&F-owned entities” and obtain permission for a merger from the state-owned pension fund.

The FCPA Blog

https://fcpablog.com/2020/10/14/brazil-holding-company-agrees-to-pay-285-million-to-settle-fcpa-violations/