J&F reaches leniency agreement of US$3.15 billion

Published:  31 May, 2017

Brazil’s Federal Prosecutor (MPF) announced on May 31 they reached a leniency agreement with J&F, the parent holding of meatpacker JBS.

J&F is to pay a fine of BRL10.3 billion (US$3.15 billion) over 25 years. The agreement is said to cover five federal investigation cases, namely Operation Greenfield, Sepsis, Cui Bono, Bullish and Carne Fraca (the rotten meat scandal). Of the total BRL8 billion (US$2.45 billion) are to be split among investors of JBS, which includes pension funds and the Brazilian Development Bank, BNDES. The remaining amount will be destined to fund social projects in the area of education, health and prevention of corruption.

Reportedly, the total is said to represent 5.62% of the Group’s income before tax in the year 2016.

Source: G1