Brazil police detain JBS CEO Batista on suspicion of insider trading

[Eugene]

Source: Reuters

#BUSINESS NEWS SEPTEMBER 13, 2017 / 7:02 AM / UPDATED 31 MINUTES AGO

Brazil police detain JBS CEO Batista on suspicion of insider trading

Guillermo Parra-Bernal
3 MIN READ

SAO PAULO (Reuters) - Brazil’s federal police detained JBS SA Chief Executive Officer Wesley Batista on Wednesday, as an investigation escalated into the role played by him and his younger brother in suspected insider trading ahead of a plea bargain deal with prosecutors.

The brothers’ lawyer, Pierpaolo Bottini, and JBS confirmed media reports of the arrest.

While JBS had no further details, Bottini lashed out at the detention, calling it “unjust, absurd and regrettable.”

Earlier in the day, police issued a preventive arrest order against both Wesley and Joesley Batista, citing the alleged use of insider information in financial market dealings ahead of their May plea deal.

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Read more: http://www.reuters.com/article/us-brazil-corruption-jbs-insidertrading/brazil-police-detain-jbs-ceo-batista-on-suspicion-of-insider-trading-idUSKCN1BO17X

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Source: Reuters

#BUSINESS NEWS SEPTEMBER 13, 2017 / 9:44 AM / UPDATED 30 MINUTES AGO

Brazil police say Batistas saved up to $44 million with insider trading

Reuters Staff
1 MIN READ

SAO PAULO (Reuters) - The billionaire Batista brothers saved as much as 138 million reais ($44 million) through insider trading in May, when their investment vehicle sold shares of meatpacker JBS SA (JBSS3.SA) before signing a plea bargain deal that sent the stock plunging, Brazilian police said on Wednesday.

Reporting by Guillermo Parra-Bernal and Gabriela Mello; Editing by Chizu Nomiyama

http://www.reuters.com/article/us-brazil-corruption-jbs-police/brazil-police-say-batistas-saved-up-to-44-million-with-insider-trading-idUSKCN1BO1PP

[Judi Lynn]

1. Another one bites the dust. Hope he stays there.