Brazil’s federal justice releases former JBS Chairman from jail

Published:  12 March, 2018

The federal court in Brasilia, Brazil’s capital, ordered Joesley Batista and former J&F executive, Ricardo Saud, to be released from jail in São Paulo.

The judge told local media the investigation had no prospect of being concluded; allegedly, the preventative arrest order cannot exceed 120 days. According to the ruling, Joesley Batista does not need to be under house arrest but, because the lawsuit he is responding to in São Paulo regards a possible manipulation of the financial market, he will have to use an ankle monitor. He cannot join his company, JBS, nor talk to his brother, Wesley Batista, who was also recently released from prison. Read more here.

The Batista brothers, who control giant meatpacker JBS through holding company J&F Investimentos, are not allowed to leave the country.

JBS shares are reported to have increased +3.6% on February 9.

Source: Globo