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July 1, 2016

Brazil’s JBS distances itself from corruption probe raid

Brazilian meat group JBS said today (1 July) that it had nothing to do with a corruption probe that led to a police raid on offices of another firm owned by JBS majority shareholder J&F Participacoes.

Brazilian meat group JBS said today (1 July) that it had nothing to do with a corruption probe that led to a police raid on offices of another firm owned by JBS’ majority shareholder J&F Participacoes.

JBS spoke out after the national public news agency, Agencia Brasil (ABR), reported a raid by federal police on the offices of pulp and paper firm Eldorado Brasil Celulos. 

ABR said the raid was in connection with a far-reaching probe into allegations of corruption. However, JBS said in a statement that “neither the company or any of its executives are the target of, or are related to, the federal police operation which occurred this morning in Brazil”.

Last January, J&F denied claims that JBS group executives were linked to “crimes against the financial system” as shares in the Brazilian meat giant fell more than 14.71% to US$8.41.

In March, JBS declined to comment on allegations that its 2009 merger with Bertin Group involved fraud that harmed minority shareholders. 

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